All the 774 local Government council of the Nigeria has just been credited with monthly allocation from Federation Account directly.
The Federal Government had announced that direct allocations to the 774 Local Government Areas in Nigeria, will begin June 1, 2019.
The newly inaugurated Nigerian Financial Intelligence Unit, NFIU, disclosed this in a statement it issued in Abuja
According to a report, NFIU has issued guidelines to stimulate the reduction of crime vulnerabilities creates by cash withdrawals from LGA funds in Nigeria
“Nigerian Financial Intelligence Unit (NFIU) has issued guidelines to stimulate the reduction of crime vulnerabilities created by cash withdrawals from local government funds across the country.
“Therefore, it is no longer possible to allow the entire system to suffer deliberate and expensive infractions or violations by public officials and business interests.
“With effect from June 1, any bank that allows any transaction from any local government account without monies first reaching a particular local government account will be sanctioned 100 per cent, locally and internationally.
“In addition, a provision is also made to the effect that there shall be no cash withdrawal from any local government account for a cumulative amount exceeding N500,000 per day.
“Any other transaction must be done through valid cheques or electronic funds transfer,” Mr Dikko said.