Economy News

FG Stops Cash Withdrawal From All Public Accounts

FG Stops  Cash Withdrawal From All Public Accounts
  • PublishedDecember 20, 2022

The federal Government has put all necessary measures in place to stop cash withdrawal from Federal, State and Local Government Accounts.

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

According to the NFIU CEO, “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.”

Tukur further stated that most cash withdrawals from government accounts including payments for estacode were often in excess of the cash withdrawal limit provided by the Money Laundering Act.

This, he said, exposes innocent public servants to being liable to imprisonment.

He also said the NFIU was already developing an advisory to the Secretary to the Government of the Federation (SGF), all governors and Local Government Council chairmen to direct all public servants to open domiciliary and Naira accounts ahead of the commencement of the cash withdrawal limit policy, which becomes compulsory by law.

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