February 3, 2023

FG makes new notice on cash withdrawal for public accounts

The director for Nigeria Financial Intelligent Unit (NFIU), Modibbo Tukur, disclosed that FG will ban all cash withdrawals from public accounts across the country.

Tukur said that the new cash withdrawal limit policy will put civil servants at risk unless necessary measures are put in place

The Federal Government of Nigeria has announced its plan to ban all cash withdrawals from publicly owned accounts.

While speaking at a parley with the chairman of the Independent National Electoral Commission (INEC), Mahmood Yakubu, The NFIU boss, said necessary efforts are being put in place by the FG to stop such cash withdrawals.

In a statement signed by Ahmed Dikko, the unit’s chief media analyst, the move by the FG is due to the consistent devaluation of the naira and the introduction of a new naira policy.

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

“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.”

The NFIU director further noted that most of the cash withdrawals from government accounts which include payments for estacode are often in excess of the cash withdrawal limit provided by the money laundering act.

According to him, the limit and policy will put civil servants at risk of imprisonment.

In addition, The NFIU director said the NFIU prepared recommendations to the secretary to the government of the federation; all governors; and local council chairs, to direct all civil servants to open domiciliary and naira accounts prior to the commencement of the policy.

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