The Nigerian authorities on Wednesday reiterated its place that native authorities councils within the nation will begin getting direct allocation from June 1.
This was contained in a press release despatched to DAILY POST by the Nigerian Monetary Intelligence Unit (NFIU).
The assertion was in obvious response to grumblings by states over the directive that federal allocations to LGAs be disbursed on to their respective financial institution accounts ranging from June 2019.
Within the order which warned monetary establishments, public servants and different stakeholders to conform, the FG mentioned investigation uncovered that money withdrawal and transactions of the State, Joint Native Authorities Accounts (SJLGA), poses greatest corruption, cash laundering and safety threats on the grassroots ranges and to the complete monetary system and the nation as a complete.
At present’s assertion by Ahmed Dikko NFIU, Chief Media Analyst, reads, “The unit maintains its understanding of the 1999 structure that no debit is allowed on any native authorities funds except and till the funds are credited to and attain the financial institution accounts of an area authorities in any state of the federation.
“The supply of the cumulative money withdrawal not exceeding N500,000 per day can be firmly in place efficient 1st June 2019.
“We noticed remoted feedback on the contrary previously few days which in our evaluation solely amounted to wilful misinterpretation of the 1999 structure and subsequently, of no penalties to the operations of the complete monetary 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.”