Regulatory Alerts2019-09-01
NFIU Advisory on Enforcement and Guidelines for Local Government Cash Withdrawals
The Nigerian Financial Intelligence Unit issued this advisory to clarify enforcement measures for cash withdrawals from local government accounts, aiming to curb financial crime while preserving grassroots economic activity. The directive mandates that councils must fully remit teachers' and staff salaries to SUBEB before processing any other transactions, while allowing urgent security expenditures and revenue shortfall reallocations through the Joint Account Allocation Committee. Requiring strict, waiver-free compliance, these irreversible guidelines have successfully restored local government financial operations and achieved high stakeholder cooperation across Nigeria.
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