*Disbursement of State security votes under new limit giving them nightmares
Several days after the Central Bank of Nigeria (CBN) introduced the revised cash withdrawal limits on individuals and corporate bodies, the policy is causing serious panic among some governors and top politicians, especially those being watched by the country’s anti-graft agency (EFCC), according to a QUEST TIMES investigation.
In fact, credible sources say the matter was the main item of discussion among the Governors who were meeting in Abuja under the Nigeria Governors Forum (NGF) on Wednesday night.
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The Central Bank Of Nigeria introduced the new cash withdrawal limits on individuals and organisations.
Based on the new CBN guidelines, organisations can only access N500,000 cash on a weekly basis via over-the-counter transactions, Automated Teller Machines or Point of Sale machines, while individuals are restricted to N100,000 per week. The CBN says the policy is to drive the cashless policy of the government.
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The QUEST TIMES, quoting credible sources in the Economic and Financial Crimes Commission (EFCC) and the Presidency, reports that the individuals, particularly governors, have attempted to use the Governors Forum to persuade President Buhari to direct the CBN Governor, Godwin Emefiele, to rescind the policy.
One of the sources at the anti-graft agency who spoke with The QUEST TIMES on condition of anonymity, said the affected governors had raised the matter at the meeting of the Governors Forum on Wednesday, and resolved to see the President over the matter.
Confirming the development, another source in the Presidency, also speaking on condition of anonymity, disclosed that the Governors had even planned to meet the President over the matter but he (the President) was not favorably disposed to their request.
Though no official statement from the President’s office has clarified the President’s position on the matter, The QUEST TIMES reports that his absence from the country may have made it difficult for the targeted governors to reach him over the matter.
Analysts believe that the fight-back by the governors and top politicians is directly connected to the 2023 electioneering campaigns and the management of security votes by the States’ chief executives.
An Abuja-based public affairs commentator told The QUEST TIMES in a telephone chat that the policy will prevent huge cash withdrawals by politicians for election purposes and other sundry activities undertaken during campaign periods.
In another chat with the same medium, an activist based in the southwest applauded the new policy by the apex bank, noting that the plan by some desperate politicians to buy votes and pay for sundry and sensitive services during the campaign period will be truncated by the new directives.
“Imagine what politicians are doing. Instead of discussing important matters at their meetings, they are busy looking for ways of compelling the CBN to reverse the cash withdrawal limits directives. I heard the National Assembly tried to persuade the CBN to no avail,” he noted.
The EFCC Chairman had reportedly disclosed that the commission had placed some governors under watch following the recent CBN policy on currency re-design and cash withdrawal limits.
“We are monitoring everything. Nigerians are helping. Well, I don’t want to give you the figures so that you will not go and speculate whether they are in the north or in the south, but it’s important that Nigerians key into it,” EFCC boss Abdulrahseed Bawa said while fielding questions from State House Correspondents in November 2022.