Bola Ahmed Tinubu. Photo credit: Facebook It was widely speculated throughout last week that the presidential candidate of All Progressives Congress (APC), Bola Ahmed Tinubu, has been caught by the Economic and Financial Crimes Commission (EFCC) for allegedly stashing 400 billion naira.
Although the EFCC has debunked the speculated news, we may need to analyse the issue using common sense. Mostly, it is considerate to look at the statistical fact that may establish the possibility of the allegation that was levelled against Tinubu.
According to the Daily Post, data from the Central Bank of Nigeria (CBN) showed that currency outside banks declined to N2.57 trillion in December 2022, from N2.84 trillion in October 2022, when the policy was announced.
However, the CBN Governor Emefiele noted that the apex bank had been able to reduce the currency outside the banking system to N900 billion from a whopping N2.7 trillion following the announcement and implementation of the new naira policy with the release of the new naira notes.
This implies that there is still N900 billion cash out of the banking system. This sum of money should be expected to include cash in the hands of ordinary citizens, marketplaces, religious places, and the homes of rich people.
We have a great number of rich people in Nigeria and the informal economic sector of the country is huge that N900 billion would surely be evenly distributed across a great number of individuals in the country.
Logically, looking back at the allegation that Tinubu was caught with N400 billion Naira could mean that half of the money out of the banking sector is in the hand of only one person who has not been traced to the ownership of any commercial bank.
Sincerely, if such a man could be speculated to have held ransom to N400 billion in cash out of the N900 billion cash in circulation, how much is now in the hands of other rich men in the country, including the President, Vice President, the 36 state governors, their deputies, former political office holders, 109 Senate members, 360 members of the House of Representatives, current and former ministers, current and former commissioners, business magnates, other presidential candidates, all the political office holders and the candidates across the political parties and the average citizens?
How would it be possible for a single person to be stashing 400 billion naira when the Central Bank of Nigeria says only 900 billion naira remain out of the banking sector?
Category: Forum
Tag: EFCC news EFCC at Tinubu house for 400 billion Tinubu news
Written by Ejiro Hassan (ejiro)
Published 2/20/2023 4:01:30 PM