From Ighomuaye Lucky, Benin
Former Edo Commissioner of Oil and Gas Joseph Ikpea has urged President-elect Bola Tinubu to constitute an economic team to study the twin economic policies of the cashless and the redesigned new naira notes, saying it would help checkmate the level of insecurity in the country.
He said this while fielding questions from newsmen in Benin City.
Ikpea said the dimension the bandits and kidnappers have taken in the country is very alarming and the present administration must tackle it headlong noting that it is their duty to ensure the safety of lives and property of its citizens.
Ikpea said: “Any responsible government will take the security of its citizens as a priority and as such go all the way, do everything within the ambit of the law to guarantee safety.”
“Kidnapping and other ‘terrorist’ actions of militia and non-state actors are not conventional warfare and should not be approached as such, rather, other non-militia, political, civil and economic approaches should be evolved in trapping these ills that are fast killing the nation.”
Ikpea who has indicated his interest to seek the nomination of his party, the APC, to contest the governorship of Edo state come 2024 said “a peaceful and crime-free society is achievable when government institutes policies with long-term positive effects on the people.”
“There is no contesting the fact that the cashless policy of the CBN and its twin, ‘new currency notes policy’ may have appeared to some of us as harsh economic policies of government which brought immediate suffering to Nigerians, mostly the petty traders and low-income earners.
“The fact remains that beyond the immediate economic consequences and effects of the policies, it is on record that it served as a security weapon which brought the activities of militia and kidnapers to a minimum.
“In a situation where kidnappers could not get cash from their victims, as well as could not take a transfer, else they could be tracked.
“Why then can’t we develop these policies to a foolproof status that can check criminality in Nigeria?”
About the possibility of facing out higher denomination currencies from circulation, the APC Chieftain said “it is also my opinion that N1,000 and N500 be removed from circulation as this will help to reduce inflation and discourage kidnapping to a very great extent.”
He continued “despite the attendant effects of the cashless policy and that of the newly introduced currency, the policies are well intended and should have been perfected as against been jettisoned.
“Policies may be hash initially but benefits accrue thereafter are enormous.
“I will call on the incoming government of Asiwaju Bola Ahmed Tinubu to, as a matter of urgency, constitute an economic team to study the twin economic policies of cashless and new naira notes, redesign it to accommodate Small Scale Entrepreneurs, and petty traders while also serving as security weapon to counter kidnapping and other ills.”