Home / Headlines / Governors May Lose Control Of Local Government Funds – NFIU

Governors May Lose Control Of Local Government Funds – NFIU


Going by the new Nigerian Financial Intelligence Unit (NFIU) guidelines, state governors may lose control of local government funds from the federation account.

According to the guidelines, the joint account system in place in most states will only exist for the receipt of allocations but not disbursement.

Besides, each of the 774 local government areas may get N500,000 cash transactions limit per day while all financial transactions by local governments will be registered and monitored by the NFIU through e-payment module. These are some of the highlights of the new guidelines, which the NFIU will launch today in Abuja as part of steps to check mass looting of the treasury by local government officials and diversion of LGA funds by governors.

Check Also

Salam is a good Leader – Gbajabiamila

The lawmaker representing Ede North, Ede South, Egbedore and Ejigbo federal constituency in the national …

Pay us equally – Oparanozie

Super Falcons captain, Desire Oparanozie has asked that the women’s senior national team be paid …

Senate confirms all 43 Ministerial Nominees, Goes On Break

The Senate has confirmed the 43 ministerial nominees appointed by President Muhammadu Buhari. Some of …

Leave a Comment

WhatsApp Contact us