By Prince Osuagwu, Hi-Tech Editor

Despite recent claims linking cryptocurrencies to illicit activities, such as terrorism funding, it is crucial to recognize that financial crimes are not unique to cryptocurrencies. In Nigeria, cash remains the most prevalent means of conducting illegal activities.

Experts in financial matters have said that enhancing regulatory measures across all financial systems is essential to prevent misuse, rather than singling out cryptocurrencies as a disproportionate threat.

A Fintech expert, Wale Fakorede, said that President Bola Tinubu’s first anniversary in office provides a critical juncture to address the pressing issues of government transparency and economic integrity.

He argued that by confronting these challenges head-on, Tinubu has the opportunity to set Nigeria on a path towards sustainable growth and prosperity. He said: “Upholding transparency, accountability, and integrity as non-negotiable principles of governance is essential to rebuild trust, attract investment, and pave the way for a brighter business future for all Nigerians.

“Nigeria is at a crossroads. The issues of government deception, economic manipulation, and distrust should not be attributed to a country like ours and wherever they are perceived urgent attention and reform are needed. The U.S. government and the global community should stand with Nigeria in this crucial moment. Together, we can deliver the change that our nation desperately needs to realize its full economic potential”.

In reviewing the present Administration’s one year in office, many analysts have alleged that government disseminates false figures and paints an inaccurate picture of Nigeria’s economic landscape, dishes out exaggerated GDP growth rates and overstated employment figures to create a façade of prosperity that diverges starkly from the harsh realities experienced by ordinary Nigerians.

For them, Investors and businesses rely on accurate data to make informed decisions, and when the numbers the government provides lack credibility, it breeds uncertainty and deters domestic and foreign investment.

Accountability is paramount in a functioning democracy, where leaders must be held responsible for their words and actions. However, when officials back track their statements without explanation or consequence, it sends a dangerous message that falsehoods can be conveniently swept under the rug. Such actions erode the public’s confidence in the government’s integrity and exacerbate the pervasive culture of impunity.

Fakorede said that “Inflation directly impacts the livelihoods of millions of Nigerians and the severity should not be downplayed, else it obscures the true extent of economic hardship faced by citizens and undermines the credibility of monetary policy” he added.