Federal Government announces ban on public accounts across Nigeria

The Federal Government has declared that all cash withdrawals from public accounts will be prohibited nationwide in Nigeria.

Modibbo Tukur, director of the Nigerian Financial Intelligence Unit (NFIU), made this disclosure.Mahmood Yakubu, said necessary efforts are being put in place by the FG to stop such cash withdrawals.

The statement read

“The government is putting all necessary measures in place to stop cash withdrawal from federal, states 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 head also pointed out that the majority of cash withdrawals from government accounts, including payments for estacode, frequently exceed the amount allowed by the money laundering statute for cash withdrawals.

Tukur claims that the cap and policy will put government employees in danger of being imprisoned.

Tukur added that the NFIU has already produced guidelines for the secretary to the government of the federation, all governors, and local council chairs, advising them to tell all civil officials to open domiciliary and naira accounts ahead of the policy’s implementation.