FG to discontinue cash withdrawal from public accounts

The federal government is said to be putting final touches to all necessary measures in place to stop cash withdrawal from federal, state, and local government accounts.

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

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.”

According to a statement issued by Ahmed Dikko, NFIU Chief Media Analyst, Tukur was of the view that most cash withdrawals from government accounts including payments for estacode are often in excess of the cash withdrawal limit provided by the money laundering act.

According to him, this exposes innocent public servants to be liable to imprisonment.

He also said the NFIU 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.

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 round that the NFIU will block Federal Government Accounts in January 2023.

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