- Have any questions?
- contact@ymonitor.org
Policy breakdown and Implication of NFIU guidelines on Local government fund
Guidelines to Reduce Vulnerabilities Created by Cash Withdrawals from Local Government Funds throughout Nigeria (Initiated by The Nigeria Financial Intelligence Unit, NFIU)
Policy Details
LG allocations paid into the SJLGA should go straight into the respective Local council bank accounts
Local government allocation or fund cannot be withdrawn until it is paid into Local government bank account
LGs are limited to N500,000 cash transactions daily
Expenses or transactions beyond N500,000 must be undertaken using e-transfers and cheques
Totake effect on June1, 2019
Implications
The Policy favours LGs financial Autonomy
The policy bar banks, financial institutions, public officers and other stakeholders from tampering with local government statutory allocations.
Sates particularly would no longer be able to tamper with LG funds
The policy restores LGs as third tier of government
The policy restores full mandate of the operations of State/Local Government Joint Accounts to be used solely for the distribution of funds directly to the accounts of the local governments not for withdrawals and payment as currently being done by state governors
CONTENTION
Section 162: (6) Each State shall maintain a special account to be called “State Joint Local Government Account” into which shall be paid all allocations to the Local Government Councils of the State from the Federation Account and from the Government of the State.
(8) The amount standing to the credit of Local Government Councils of a State shall be distributed among the Local Government Councils of that State on such terms and in such manner as may be prescribed by the House of Assembly of the State.
11 Comments
My partner and I stumbled over here different web page and thought I may as well
check things out. I like what I see so i am just following you.
Look forward to looking at your web page for a second time.
It’s an awesome article in support of all the web viewers; they will
take benefit from it I am sure.
It’s going to be finish of mine day, however before
finish I am reading this fantastic paragraph to increase my experience.
Why viewers still use to read news papers when in this technological world
the whole thing is presented on web?
Wow, this post is fastidious, my younger sister is analyzing such
things, therefore I am going to let know her.
Very nice post. I just stumbled upon your blog and wished to
say that I have truly enjoyed browsing your blog posts. In any case
I’ll be subscribing to your rss feed and I hope you write again soon!
Hi there, You have done a fantastic job. I’ll
certainly digg it and personally suggest to my friends.
I’m sure they’ll be benefited from this web site.
Sweet blog! I found it while browsing on Yahoo News.
Do you have any suggestions on how to get listed in Yahoo
News? I’ve been trying for a while but I never seem to get there!
Thanks
My family all the time say that I am wasting my time
here at web, but I know I am getting know-how all the time
by reading such good articles or reviews.
You need to take part in a contest for one of the greatest sites on the net.
I most certainly will recommend this site!
I was suggested this web site by my cousin. I am not sure whether this post is written by him as
no one else know such detailed about my problem.
You are incredible! Thanks!