Once more, NFIU warns governors to keep away from LG funds

The Nigerian Monetary Intelligence Unit (NFIU) says the efficient date for the brand new laws on native authorities funds stays June 1.

In a press release on Wednesday, Ahmed Dikko, NFIU appearing spokesman, stated any violation of the brand new laws shall be sanctioned.

On Might 6, NFIU had introduced the brand new pointers which might make the joint account system at present in use by state and native governments solely exist for the receipt of allocations from the federation account however not for disbursement.

With the rule, governors might lose management of native authorities funds.

The brand new measures, it was learnt, have been launched by the present administration to revive LGA’s monetary autonomy.

“The Nigerian Monetary Intelligence Unit (NFIU) is utilizing this second press assertion on the above topic to reiterate its place that the first June efficient date of the rules to all monetary establishments and public officers on the native authorities funds stands,” Dikko stated.

“The Unit additionally maintains its understanding of the 1999 structure that no debit is allowed on any native authorities funds except and till the funds are credited to and attain the financial institution accounts of a neighborhood authorities in any state of the federation.

“The availability of the cumulative money withdrawal not exceeding N500,000 per day can also be firmly in place efficient 1st June 2019.

“We noticed remoted feedback on the contrary previously few days which in our evaluation solely amounted to wilful misinterpretation of the 1999 structure and subsequently, of no penalties to the operations of all the monetary system.

“The availability of the rules to the monetary establishments was additionally on account of professional powers supplied by the NFIU Act 2018 and any violations of the stated pointers shall be sanctioned appropriately.” (The Cable)

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