Osinbajo emphasizes cashless system to fast track election financing

Vice President Yemi Osinbajo has declared that cashless monetary policy will go a long way to curb illicit election financing in the country.

He submitted that when fully operational, the cashless policy being introduced in Nigeria can help stem the surge of illicit election financing by making it possible to track funds.

Speaking Monday while playing host to a delegation of the European Union Election Observation Mission led by the Chief Observer, Mr. Barry Andrews, who is also a member of the European Parliament at the State House, Abuja, Osinbajo noted that so much money can 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 are still infrastructure issues required to be in place to ensure an efficient cashless system in the country.

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