He said, “The rate of withdrawals above the threshold from public accounts has been alarming, over N701billion has been withdrawn in cash from 2015 till date.
“The NFIU had told banks and government agencies at all levels to go fully digital by moving online, as all transactions involving public money must be routed through the banks for the purpose of accountability and transparency. “This is not reversible as we are only enforcing the law. 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 will be investigated and prosecuted in collaboration with relevant agencies like EFCC, ICPC and the NPF.”
The NFIU boss, however, added that the President is in the position to grant waivers to government officials based on considerations. He added, “For government exigencies, only the President has the power to grant any waiver to any government official considering the importance of the situation; either for national security, health, or other important reasons.”All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
This is desirable but does NFIU have such power ? IMO No. This can happen only be thru : Executive Order/Presidential Directives. nassnigeria Act MDAs Establishment Act FinMinNigeria Directives/Guidelines Statutory & Prudential Guidelines Not NFIU overreaching.
Why March 1st? Why not from January 1st? Govt money is withdrawn not only by outgoing but for elections too. Ban should start before elections to June 1 to cover handover date of May 29th
Very good move. Especially if it's not going to be compromised
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