Withdrawal Policy Will Stifle Political Process, Target Poor Nigerians, Says PDP

According to the Peoples Democratic Party (PDP), impoverished folks are the focus of the Central Bank of Nigeria’s new cash withdrawal policy.

In an interview with Sunday Punch, Dele Momodu, the Director of Strategic Communications for the PDP Presidential Campaign Council’s National Election Management Committee, made this claim.

Momodu acknowledged that the policy “would strangle the political process, not the PDP alone” if it were to be implemented, but added that the finance committee of the party will address the policy’s effects on the party.

Why create a policy that would primarily impact the poor more than the wealthy, he asked? The majority of the nation’s policies concern the poor, which worries me. Because we aim to operate a cash-and-carry economy, the PDP is concerned about the impoverished market women and the common guy on the street.

“In 2014/2015, I’m certain that Buhari (Major General Muhammadu Buhari (retd.)) would not have become the president of Nigeria if he had no access to finance.

Political parties receive donations from individuals, and some of them have set up systems to accept these donations. If the government is suggesting that one cannot withdraw more than N100,000 in a week, how will they be able to access funds?

I’ve read that the CBN has said that the policy won’t be rigid, but why create the policy if it won’t be strict?

“As we get ready for a number of activities leading up to the general elections, the finance committee (of the party) is better situated to assess the amount to which this would effect us. The committee could ponder about writing to the CBN if they believe the party would be badly impacted. However, as I already said, a political party has less of a problem with this than the average citizen does. On how the PDP may be impacted by the execution of the policy, Momodu said.