Bunmi AdulojuThe Nigerian Financial Intelligence Unit has banned cash withdrawal from all federal, state and local government accounts.Tukur said the ban would take effect on March 1, 2023.
The director-general added that the directive to go cashless will help to curb corruption in public offices, saying that the country’s money laundering laws as well as other anti-graft laws will be fully applied on erring government officials. “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.
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NFIU bans cash withdrawals from govt accountsThe Nigeria Financial Intelligence Unit has banned cash withdrawals from accounts belonging to the Federal Government, all its agencies, and also state and local governments. Very good move. Especially if it's not going to be compromised 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 Govt money is withdrawn not only by outgoing but for elections too.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 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.
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