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Vice President Yemi Osinbajo says a cashless policy, when effectively operated in Nigeria, can help stem the surge of illicit election financing by making it possible to track funds.
Osinbajo’s spokesman, Laolu Akande, in a statement on Monday in Abuja, said the vice president received a delegation of the EU Election Observation Mission led by Mr Barry Andrews.
The EU Chief Observer is also a member of the European Parliament.
“I think that what we should be looking at is to provide more infrastructures.
“ The cashless thing has been really advantageous and helps with tracking.
“That sort of infrastructure is useful for more financial inclusion and the more financial inclusion you have, the easier it is to track.
“So much money can be spent without it being tracked under the current election financing practices in the country.’’
Osinbajo acknowledged the serious difficulty in controlling election financing because of cash transactions.
According to him, there are still infrastructure issues required to be in place to ensure an efficient cashless system in the country.
“With cash transactions, it is still difficult to seriously control election financing.’’
