His political party, the Cameroon National Union (CNU), became the sole legal political party on 1 September 1966 and on 20 May 1972, a referendum was passed to abolish the federal system of government in favour of a United Republic of Cameroon, headed from Yaoundé. This day is now the country's National Day, a public holiday. Ahidjo pursued an economic policy of planned liberalism, prioritising cash crops and petroleum development. The government used oil money to create a national cash reserve, pay farmers, and finance major development projects; however, many initiatives failed when Ahidjo appointed unqualified allies to direct them.