The former Governor of Ogun State, Olusegun Osoba has revealed that President Bola Tinubu is preparing a document to encourage Nigerians to bring out hidden funds that are currently out of the banking system.
Osoba, who said that President Tinubu was deeply disturbed and concerned over the shortage of currency in circulation, added that the document which would come in the form of an executive order would address the cash scarcity being currently witnessed across the country.
The elder statesman who spoke in an interview with Arise TV, said the executive order will encourage Nigerians to bring out funds that they have stockpiled in their homes into the bank’s vault.
“During my discussion with President Bola Tinubu on Christmas Day, he disclosed to me that he is preparing a document to encourage Nigerians to bring out hidden funds that are currently out of the banking system and causing cash scarcity,” Osoba said.
He explained that Nigerians’ complete lack of trust in the system stemming from the past administration, which spilled into this administration was responsible for the forex exchange and depreciation of naira.
He said, “We are lucky by the 1st of June (2023) the whole system had been set up to totally collapse I am telling you if we didn’t go the way the government had to go in the issue of foreign exchange, do you know that Nigerians are also not helping, the amount of money out of the system, even ordinary drivers and Vulcanizers, they are changing their little naira to dollars.
“They keep $20 at home and $50 at home. You see the confidence that everybody lost before Tinubu came in spilled into his administration.
“I have had to tell him (Tinubu), ‘Mr. President can you do something? The amount of money out of the system is enormous. What can you do to encourage people?’ I even go as far as suggesting that ICPC (Independent Corrupt Practices and Other Related Offences Commission), EFCC (Economic and Financial Crimes Commission) stop querying source of funds. Let them (people) bring out all this money they are hiding. Even the scarcity of naira, I told him that some people are keeping even the new naira notes that are supposed to be in circulation.
“Some people are keeping it and they are selling it at event centres and party centres. We Nigerians ourselves need to change our culture. I can tell you he (president) is in pain. When we talked to him, I can see the pain in him.”
The former governor, however, appealed to Nigerians to be patient, adding that the administration had only spent seven months in office.
He said, “Let’s try a little bit more, may be by the time he is a year or so like Wole Soyinka has said, we will do a massive review of the whole thing.”
His comment comes amid the economic crunch made worse by difficulties Nigerians are facing in getting access to cash.
The Central Bank of Nigeria (CBN) in December emphasized that new and old naira notes would remain valid beyond December 31, 2023.The CBN urged citizens and residents to accept and spend both the old and new naira notes as they exist side by side.
“Beyond December 31, 2023… the old and redesigned Naira Banknotes remain valid,” the apex bank stated.