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The Federal Government has ignored the grumblings by State Governors over its directive that from June 1, 2019, Local Governments will receive their allocations directly from the federation account.

Latest statement by the Nigerian Financial Intelligence Unit, NFIU, states that ““The unit maintains its understanding of the 1999 constitution that no debit is allowed on any local government funds unless and until the funds are credited to and reach the bank accounts of a local government in any state of the federation.

“The provision of the cumulative cash withdrawal not exceeding N500,000 per day is also firmly in place effective 1st June 2019.

“We observed isolated comments to the contrary in the past few days which in our assessment only amounted to wilful misinterpretation of the 1999 constitution and therefore, of no consequences to the operations of the entire financial system.

“The provision of the guidelines to the financial institutions was also on account of legitimate powers provided by the NFIU Act 2018 and any violations of the said guidelines will be sanctioned appropriately.”

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Author: admin

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