Nigerian states mandated to open dedicated accounts for governors' security votes

The development followed the agreement reached earlier in the year between the 36 governors and the Nigerian Financial Intelligence Unit (NFIU). With the agreement, the governments in the states were mandated to open dedicated accounts for their governors’ security votes with the apex bank. The opening of such accounts will enable the NFIU to monitor cash withdrawals for security purposes by the governors.

Prior to the NFIU January 5, 2023 directive, banning cash withdrawals from public accounts, governors were getting their security votes from the monthly subventions fromA source at the NFIU told The Nation: “Under this arrangement, states governments have established accounts with the CBN specifically designated for their security votes. “The rationale behind this decision, the NFIU official said is to facilitate fast and easy access to funds during security exigencies.” State authorities have argued that denying them access to cash from their security votes in times of crises could hold them unduly accountable for any security lapses within their jurisdiction

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