Chidoka: Buhari’s cabinet doesn’t understand fintechs — only how to borrow from CBN

Osita Chidoka, former minister of aviation, says the cabinet members in the Buhari administration do not understand how fintech companies operate.

Speaking at ‘The Platform’, the annual conversation organised by Covenant Christian Centre, on Saturday, Chidoka said the cabinet does not reflect Nigeria’s diversity.

He said the ministers do not understand how modern society works but only how to borrow from the Central Bank of Nigeria (CBN).

“What is the average age of our cabinet? Our cabinet does not reflect Nigeria. They cannot understand Paystack, they cannot understand Flutterwave, they cannot understand kobo360,” he said at the event in Lagos.

“They do not know how to tax them. The tax authorities are taxing their revenue because they think that the money received by Kobo360 is revenue. No. This is money that they are receiving as an aggregator.

“So we need young people like you to be the chairman of FIRS. We need young people like you who understand (because) what they [cabinet members] understand is borrowing from the CBN.”

Chidoka added that the youths should occupy critical positions in the country to unlock its potentials.

“We need to unlock Naija, it is our responsibility. It is not the responsibility of a structuralist. They are deceiving us, to look at that day where we will change our constitution,” he added.

“The time is now for us to unlock Naija, for us to bring about that change that reflects the diversity of Nigerians and the beauty of our country.”