Also, within the same period, the federal government withdrew N225billion in cash while the local governments withdrew a total of N156 billion in cash with the seven-year period.Tukur also said he had instructed all financial institutions to stop cash withdrawals from government accounts from March 1, 2023, adding that any government official who flout the order will be prosecuted alongside his or her accomplices.
He said the NFIU had told banks and government agencies at all levels to move fully online, as all transactions involving public money must be routed through the banks for the purpose of accountability and transparency. Tukur said that this move was in line with the resolve to fully transit the country into cashless economy which the Central Bank of Nigeria has been leading.
According to him, “As far as we are concerned, Nigeria will become a full non-cash economy by March 1, 2023 this year. As a consequence, any government official that withdraws even one naira cash from any public account from March 1, 2023 will be investigated and prosecuted in collaboration with relevant agencies like EFCC and ICPC.
The NFIU is an autonomous unit and the central coordinating body for the country’s anti-money laundering, counter-terrorist financing and counter-proliferation financing framework.
Source: Financial Digest (financialdigest.net)
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