I advised Tinubu on humongous money outside the banking system | Osoba
A former governor of Ogun State and associate of President Bola Ahmed Tinubu, Aremo Olusegun Osoba, said he had advised him on what to do about the humongous money that is outside the banking system.
Speaking during an interview session on Arise TV’s “The Morning Show,” Osoba disclosed that when he met with the president on Christmas Day, he suggested that the Anti-corruption agencies [EFCC, ICPC, etc] should allow the banks to accept deposits without asking for the sources of the funds.
He said this would encourage the huge money outside the banking sector to find its way back to the bank vaults.
The one-time investigative journalist and editor of the Daily Times of Yore said that the President hinted that he was planning to sign an executive order that would liberalise deposits by Nigerians in the deposit money banks
Osoba said that once the coast was clear, those who buried money in their homes would be encouraged to exhume it and deposit the same in banks.
He lamented a situation where presently Nigerians, due to scarcity of naira both within and outside the banking system, have resorted to saving their money in $20, $50 notes instead of in local currency.
He also decried a situation where naira that was said to be scarce always found its way to venues of shindig or parties where hawkers sell the notes for commission to those who indulge in open display of spraying the notes on celebrators.
He said that President Tinubu was very worried about the development and had heeded his advice to act expeditiously to control the liquidity outside the banking system.
