MINA Blog- Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has affirmed the commitment of the apex bank to support Independent National Electoral Commission (INEC), in electronic means or payment and cash to critical service providers during the general election.
The CBN governor, made this known when he received a delegation from the INEC led by its Chairman, Prof. Mahmood Yakubu, express the apex bank commitment to a positive outcome of the 2023 general election; saying that the bank will not allow itself to be used in any way to scuttle the election.
He said the apex bank was committed to supporting INEC in the area of electronic means of payment and cash to pay some service providers during the general election.
“The relationship between INEC and the Central Bank dated back even before I became CBN governor and I will say that this relationship is one that border purely on trust and confidence. And we appreciate, truly appreciate the fact that INEC, supported by the Nigerian people, have the confidence and trust in the capability of the CBN to play the role we have played for you and through you, to the Nigerian public to ensure that our elections hold without hitches,” he said.
“I will now be specific. Before now we have been involved in the storage of election materials. Before now we have been involved in not just the storage but in the distribution of the electoral materials using our bullion vans and armoured bullion vans in transporting those electoral materials. We are happy that in the course of this relationship we have not disappointed you and that is the reason you have come again this time.”
INEC Chairman Prof. Yakubu, stated that INEC was encouraged by the continuing willingness of the apex bank to support the Commission’s determination to deliver credible elections on 25th February 2023 and 11th March 2023, particularly the facilitation of activities necessary for the success of the elections in an area where the Central Bank of Nigeria (CBN) has exclusive responsibility.
He said, “The Nigerian election is a huge and complex undertaking. It requires the engagement of critical services. In line with the provisions of extant laws and regulations, service providers are generally paid by means of electronic transfer to their accounts.
“However, there are equally critical areas such as transportation and human support services that have to be immediately remunerated either partially or in full before services are rendered. In addition, emergency situations may arise requiring immediate cash payments.
“Some of the critical service providers are unbanked. Over the years, we have worked with the CBN and commercial banks to pay for such services seamlessly during general elections as well as off-cycle and bye-elections. Over the years, the Commission has also migrated all its accounts at National and State levels to the CBN and this arrangement has worked without encumbrances to our activities.”