FG To Announce Cash Withdrawal Guidelines From Government Accounts

The Nigerian Financial Intelligence Unit (NFIU)  is set to announce new guidelines on cash withdrawals from all government accounts on Thursday, January 5, 2023, Punch reports.

The Director and Chief Executive Officer, NFIU, Modibbo Tukur, revealed at a parley with the Chairman, Independent National Electoral Commission, Prof. Mahmud Yakubu, in Abuja, that the NFIU is putting all necessary measures in place to stop cash withdrawals from federal, state, and local government areas’ bank accounts.

He said, “Because of the consistent devaluation of the naira and the introduction of a new naira policy, section one of the Money Laundering Prohibition Act is automatically activated.”

Tukur further stated that most cash withdrawals from government accounts including payments for estacode are often more than the cash withdrawal limit provided by the Money Laundering Act.

He added that the NFIU is 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.

He also noted that governors and council chairmen will need to organise training for market men and women on how to use ATM and POS services, while refuting reports making the rounds that the NFIU will block the Federal Government’s accounts in January 2023.