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ICSAN Urges Review of Cashless Policy Implementation

<strong>ICSAN Urges Review of Cashless Policy Implementation</strong>

Omolabake Fasogbon

The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), has urged federal government to see to the   review of the implementation process of cashless policy as a matter of urgency. 

The institute which commended the economic motive of the policy decried it ways of implementation, noting that there was need for its handlers to return to their drawing board to adjust delivery process.

President of ICSAN, Mr. Taiwo Owokalade while addressing the press in Lagos, recently, maintained that already, the intention of the policy to tame inflation and mop-up cash in circulation has been defeated, thus, raising public skepticism. 

He said that the effect of the policy has altered trust in the banking sectors and would require government to roll out new initiatives to restore public confidence. 

He said, “There is nothing good about a policy that is a knock-on businesses and inflicting suffering on the masses. It is no gainsaying that the implementation of the policy is not proper and thorough and something must be done urgently. A lot of businesses have packed up because they can’t access cash while many have been pushed into unemployment. There is need to return to the table as quickly as possible to amend the entire process.”

On ICSAN expectations for the incoming administration, Owokalade said emphasy should be paid to policies that will improve electricity supply, mass transportation and petroleum supply. 

He commended President Muhammadu Buhari for signing into law the amended constitution allowing states to license, generate, transmit, and distribute electricity.

He submitted that the onus is now on the states to mobilise private investors to generate and transmit electricity effectively. 

He added, “Being the biggest economy in Africa with more than 200 million population, we need to do much more than before to arrive at a fresh narrative for the economy and the country at large. We expect the coming administration to come up with quality cabinet that people can relate with to drive Nigeria to its promise land.”

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