Posted by Nigeria’s Vice President Goodluck Ebele Jonathan, has said the federal government is planning to evolve a cashless economy as a means to stem corruption in the country. “Government has begun implementing policies aimed at reducing the amount of physical cash our people exchange hands in daily business transactions,” he said at the weekend.
“We are determined to bring about a cashless economy in our country…Our belief is that a movement into a ’plastic’ economy will reduce corruption and also abate the pain citizens suffer in the hands of men of the underworld.”
He explained that government has already put in place an e-payment strategy for contractors at the federal level and that all intra-governmental transactions will now be carried out through checks.
Jonathan made the statement at the close of 14th Nigerian Economic Summit in Abuja.
He further explained that Government would not award contracts for which funds were not budgeted to ensure economic growth and stability.
The nation’s exchange rate, he said had remained fairly stable, and its external debt remained at very low levels “since we exited the Paris and London Clubs of creditors in 2006.
Never again must we allow indebtedness to become an obstacle to our growth, he said., adding, “we have thus encouraged the establishment of the Debt Management Units in the various States of the federation, and in direct obedience to the Fiscal Responsibility Act.”
Source African Press Agency
