NFIU: Governors may lose control of local government funds
Governors may lose control of local government funds from the Federation Account, going by the new Nigerian Financial Intelligence Unit guidelines.
It was learnt that the administration of President Muhammadu Buhari floated the idea to restore the financial independence of local governments. “The guidelines will limit cash transactions in the accounts of local governments and promote registered transactions by all the local governments.“The Joint Account System in some states will only exist for the receipt of federal allocations meant for local governments and not disbursement.”
President Buhari on July 11, 2018 signed the NFIU Bill into law – in line with the requirements of Recommendation 29 of the Financial Action Task Force Standards and Article 14 of the United Nations Convention Against Corruption.The NFIU began operations on April 1. “Significant measures to be implemented by the NFIU in the near future will include full implementation of the National Sanctions regime to all detected areas of vulnerabilities within our systems. Other areas include issuing guidelines, advisories etc. that will affect cash transactions processes of local, state, federal governments and bureau de change etc.
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