Vice President, Yemi Osinbajo, has given his backing to the cashless policy being enforced by the Central Bank of Nigeria (CBN), saying if effectively harnessed, will help the country track the sources of illicit election financing by making it possible to track such funds.
Osinbajo, who spoke on Monday at the Presidential Villa when he received a delegation of the European Union Election Observation Mission led by Barry Andrews, noted that the “difficulty in controlling election financing because of cash transactions,” has made it imperative to ensure an efficient cashless system in the country.
In a statement issued by his spokesman, Laolu Akande, the VP said in part:
READ ALSO: Osinbajo hosts EU election observers’ delegation
“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.
“So much money can be spent without it being tracked under the current election financing practices in the country. With cash transactions, it is still difficult to seriously control election financing.’’
According to the VP, there are still infrastructure issues required to be in place to ensure an efficient cashless system in the country due to the difficulty in controlling election financing due to cash transactions.
You may be interested
NPFL Fines Kwara United N6m For Broadcast Breach
Webby - April 24, 2024Kwara United have been charged for providing false information which led to a fixture adjustment that disrupted the live television…
Osimhen: Leaving Napoli Will Make Me Cry
Webby - April 24, 2024Victor Osimhen has hailed Napoli fans and admitted he will probably “cry” when leaving the club.Osimhen is expected to leave…
Slot Can Be Perfect Replacement For Klopp –Van Basten
Webby - April 24, 2024Netherlands legend Marco van Basten believes Feyenoord manager, Arne Slot has the capability take over from Jurgen Klopp as Liverpool…