The Nigeria Financial Intelligence Unit has announced a deadline for cash withdrawals from accounts of the federal, state and local governments and all their Ministries and Department Agencies . The agency also said over N1 trillion in cash was withdrawn from government accounts between 2015 and 2022.
He said the move was in line with section 3 – and section 23 of the NFIU Act, 2018, and other provisions under the Money Laundering Act, 2022 that provides the guidelines for all financial institutions, non-financial institutions and public officials in Nigeria. “The rate of withdrawals above the threshold from public accounts has been alarming,” Mr Tukur said. “Although, I do not have the actual figures but over N701 Billion has been withdrawn in cash from 2015 till date,” Mr Tukur said.
“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.”how the NFIU disclosed the plan to stop cash payments from the accounts of all three levels of government across Nigeria.
“The NFIU analysis covering the period 2015 to 2022, the federal government withdrew N225.72 billion cash, state governments withdrew N701.54 billion cash, and local governments withdrew N156.76 billion cash. “Section 26 of POCA, 2022 makes provision for the seizure and detention of cash over the prescribed amount under the law.
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