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Juliana Taiwo-Obalonye, Abuja
Governors of the 36 States of the Federation under the auspices of the Nigeria Governors Forum (NGF) were meeting in Abuja at press time last night.
Top on the agenda of the meeting which started at 8:30pm presided over by chairman of NGF and Ekiti Governor, Kayode Fayemi, are update on Nigerian Financial Intelligence Unit (NFIU) guidelines on Local Government Funds.
The NFIU had in May stopped the governors from tampering with the monthly allocations of the local government areas in their states.
The NFIU had announced a ban on transactions on state and local governments joint accounts, arguing that such accounts are only transitional accounts from where funds should go directly to the accounts of local governments.
The NFIU had also placed a limit on cash withdrawals from local governments accounts to a maximum of N500,000 per day. It had warned banks to ensure strict compliance.
The NFIU, which was excised from the Economic and Financial Crimes Commission (EFCC) set June 1, 2019, as the takeoff date of the new order.
The governors had described as illegal the NFIU’s ban on transactions on state and local governments joint accounts, arguing that such accounts are only transitional accounts from where funds should go directly to the accounts of local governments.
