President Bola Tinubu has tasked the 36 state governors to lead development at the grassroots. He emphasized that the financial autonomy granted to local governments is not an attempt to take control away from governors.
Speaking during a meeting with the Nigeria Governors Forum at his Ikoyi residence in Lagos, Tinubu stressed the importance of grassroots development in achieving food security, economic prosperity, and national growth.
Also Read: President Tinubu Urges Governors to Lead Agricultural Revolution, Strengthen Local Governance
“Cash in circulation is totally different from cash in the system because there are two different things. Cash in circulation is what is going around in public that has not come into the bank and has not come into the system. Now, if you have so much money around and it is not coming into a system, then it creates a distribution problem for the bank as well.Now, banks have only two sources of cash, the CBN and retailers. And when we are talking of retailers, we are talking of major retailers, the filling stations, big supermarkets, the big triggers in markets. They are the ones who traditionally bring in the bulk of the cash that is being recirculated by banks.But where the ones from the retailers have been truncated by those who are taking advantage, so they would rather give it to the purest operator who is going to pay them a premium than give it to a bank who’s just going to take it free of charge.”
He urged governors to prioritize agricultural growth as a pathway to economic stability
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