FG to Stop Cash Withdrawal from Government Accounts

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CEM REPORT, GOVERNANCE | The Federal Government has revealed plans to stop cash withdrawal from federal, state, and local government accounts.

This is as the government says it is already developing an advisory to the Secretary to the Government of the Federation, all Governors, and Local Government Council Chairmen to direct all public servants to open domiciliary and Naira accounts ahead of the commencement of the policy which becomes compulsory by law.

This is according to the Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), Modibbo Hamman Tukur, on Tuesday at a parley with the Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmud Yakubu.

He stated that most cash withdrawals from government accounts including payments for estacode are often over the cash withdrawal limit provided by the money laundering act adding that this exposes innocent public servants to be liable to imprisonment.

According to him, “because of the consistent devaluation of the Naira and the introduction of a new Naira Policy, section 1 of the money laundering prohibition act is automatically activated.”

Tukur said Governors and Council Chairmen will also need to organize training for market men and women on how to use ATM and POS Services.

In the same vein, the NFIU Chief Media Analyst, Ahmed Dikko has refuted the news going around that the NFIU will block Federal Government Accounts in January 2023.

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