{"id":236341,"date":"2022-12-20T15:38:35","date_gmt":"2022-12-20T14:38:35","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=236341"},"modified":"2022-12-20T15:38:35","modified_gmt":"2022-12-20T14:38:35","slug":"cbn-policy-will-strengthen-nigerias-democracy-shape-2023-elections-says-ex-kwara-gov","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/12\/20\/cbn-policy-will-strengthen-nigerias-democracy-shape-2023-elections-says-ex-kwara-gov\/","title":{"rendered":"CBN Policy Will Strengthen Nigeria\u2019s Democracy, Shape 2023 Elections, Says Ex-Kwara Gov"},"content":{"rendered":"

Abdulfatah Ahmed, a former governor of Kwara State, called the Central Bank of Nigeria’s new monetary policy “a policy in the correct path capable of enhancing the nation’s democracy.”<\/p>\n

Ahmed, a financial specialist, claimed in an interview with journalists in Ilorin on Tuesday that the new policy will ensure that the elections set for February and March 2023 run as planned and help to build the nation’s democracy.<\/p>\n

He added that Nigeria had more cash outside the banking industry than it did inside, contending that currency is only intended for use in the trade of goods and services, not as a kind of value storage.<\/p>\n

Ahmed, a two-term governor and the immediate past governor of Kwara State, described the CBN monetary policy as a master stroke, adding that money had been in the forefront of the nation\u2019s elections and that it had beclouded people\u2019s capacity to question those who want to rule them.<\/p>\n

\u201cAs far as I am concerned, it\u2019s a good policy. It will help the CBN control and ensure that its monetary policy are functional within the premises of what\u2019s available in cash, so that they can manage and monitor the flow of cash in the system.<\/p>\n

\u201cAs a keen observer of our current economic situation, you\u2019ll all agree with me that we have more cash outside the banking industry than you have in the banking industry.<\/p>\n

\u201cAnd what\u2019s cash? Cash is meant for intermediation for exchange of goods and services and not meant for store of value. When it becomes store of value, there\u2019s trouble. It means somebody is holding on to what should be going round just because it\u2019s available to be held
\n.
\n\u201cNow, the CBN is saying take this thing back to the bank. If you want to hold it let it be with the custodians; deposit banks. When you need it, you withdraw for exchange of goods and services.<\/p>\n

\u201cSecondly, I see it as a master stroke. This is because money has been in the forefront of the nation\u2019s elections. The implications in that it has beclouded our capacity to question those who want to come and take responsibility of ruling us. It has also beclouded our capacity to question what programmes they have for us or to see whether they truly deserve to be voted in or not because we get beclouded with money taken upfront.<\/p>\n

\u201cFor the first time, this change in naira will make it a bit difficult for cash to be available as it were for that purpose. So, what the policy is telling us is that money will not be at the forefront in determining how we select leaders again.<\/p>\n

\u201cIf that\u2019s one key thing we\u2019re able to achieve, it\u2019s a way forward. Though, all we desire can\u2019t be achieved in one sweep as it takes time to perfect it. US overcome ballot box snatching in the 50s. We\u2019ll overcome ours too with time. Every policy at taking us inching towards it should be embraced. We shouldn\u2019t be hopeless. It\u2019s beyond individual interests. It\u2019s about selflessness to strenghten our democracy,\u201d he said.<\/p>\n

The former PDP governor berated the present APC administration in the state, saying that he saw a lot of disconnect from policies already put in place by past administrations were he said people could have benefitted from.<\/p>\n

I take governance from stepwise perspective, where benefits are created for majority of people in the state. Governance should be seen from continuity perspective. As it is today, I see a lot of disconnect in some of the policies we put in place where by now people would have been benefiting from.<\/p>\n

\u201cThis disconnect usually lead to wastage of public resources as projects are not taken to completion level where people could benefit from. There are incongruences in policy application and programme development,\u201d he said.<\/p>\n

He advised the APC government<\/a> to key into programmes met on ground towards reviewing and reforming them, where applicable, for overall benefits of the state and to safeguard public funds.<\/p>\n

He also identified inconsistency in health programmes, education policies, economy, and infrastructure, saying that there was no nexus in old and new programmes for improved benefits of the state.<\/p>\n","protected":false},"excerpt":{"rendered":"

Abdulfatah Ahmed, a former governor of Kwara State, called the Central Bank of Nigeria’s new monetary policy “a policy in the correct path capable of enhancing the nation’s democracy.” Ahmed, a financial specialist, claimed in an interview with journalists in Ilorin on Tuesday that the new policy will ensure that the elections set for February […]<\/p>\n","protected":false},"author":43,"featured_media":236342,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"custom","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"single-left","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"floatbottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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