NFIU Bans Cash Withdrawals From Government Accounts

The Nigeria Financial Intelligence Unit (NFIU) has prohibited cash withdrawals from accounts belonging to the federal, states and local governments, as well as Ministries, Departments and Agencies (MDAs).

Announcing the prohibition in his office in Abuja on Thursday, Modibbo R. Hamman Tukur, Director/ CEO of the NFIU, said the action was necessitated by the need to arrest the rate by which monies are siphon out of public accounts without recourse to the money laundering laws.

Tukur said the rate of withdrawals above the threshold from public accounts has been worrisome, adding that over N701 billion has been withdrawn in cash by state governments from 2015 till date.

According to the NFIU boss, he had instructed all financial institutions to stop cash withdrawals from government accounts from March 1, 2023, warning that any government official who flouts the order will be prosecuted alongside accomplices.

He said the NFIU had told banks and government agencies at all levels to move fully online, as all transactions involving public money must be made through the banks for the purpose of accountability and transparency.

Tukur stressed that this move is in line with the resolve to fully transit the country into cashless economy, which the Central Bank of Nigeria (CBN) has been spearheading.

Talking about those who may want to flout the regulation under the excuse of government exigencies and all that, Tukur noted that only President Muhammadu Buhari has the power to grant any waiver to any official.

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