Osinbajo Drum Support for Cashless Economy, Says It Will Curb Illicit Election Financing
The vice president, Prof. Yemi Osinbajo has declared that the drive for a cashless policy in the country would go a long way to curb illicit election financing in the country. Osinbajo’s remarks came...
The vice president, Prof. Yemi Osinbajo has declared that the drive for a cashless policy in the country would go a long way to curb illicit election financing in the country.
Osinbajo’s remarks came just as the Central Bank of Nigeria (CBN) appealed to banks and members of the public to cooperate with the apex bank to enhance the cash swap policy ahead of the fresh deadline for the return of the old N200, N500 and N1,000 banknotes.
This was just as the Deputy Secretary-General of the United Nations and Chair of the United Nations Sustainable Group, Ms. Amina Mohammed, yesterday charged the Nigerian Bar Association (NBA) to ensure the success of the 2023 general elections.
Mohammed, who gave the charge in a keynote address she delivered at the State of the Nation Dialogue, also tasked the umbrella body of lawyers in the country, to device mechanism that would effectively manage conflicts that may arise from the conduct of the elections which commences on February 25 with the presidential and National Assembly polls.
Also, the Chief Observer, European Union (EU) Election Observation Mission (EOM) for Nigeria’s general election, Mr. Barry Andrews, yesterday appealed to stakeholders to ensure that the upcoming elections were peaceful, free and fair. He also disclosed that 40 observers would be deployed by the mission to observe the forthcoming elections in all the states of the country.
Osinbajo submitted that when fully operational, the cashless policy being introduced in Nigeria could help stem the surge of illicit election financing by making it possible to track funds.
Speaking yesterday, while playing host to a delegation of the European Union Election Observation Mission led by Andrews, who is also a member of the European Parliament, at the State House, Abuja, Osinbajo noted that so much money could be spent without it being tracked under the current election financing system in the country.
According to him: “I think that what we should be looking at is to provide more infrastructure. The cashless thing has been really advantageous and helps with tracking. That sort of infrastructure is useful for more financial inclusion and the more financial inclusion you have, the easier it is to track.”
While noting the serious difficulty in controlling election financing because of cash transactions, the vice president stated that there were still infrastructure issues required to be in place to ensure an efficient cashless system in the country.



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