FG stops People From Taking Cash Out of Public Accounts

FG stops people from taking cash out of public accounts. The Federal Government must immediately implement a freeze on all cash withdrawals from all public accounts.

After the Central Bank of Nigeria established the new Naira withdrawal rule, public personnel were instructed to use foreign and local currency accounts at their domiciles instead of making cash withdrawals.

According to a statement sent to Vanguard on Tuesday, the new order came from a meeting between the Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmud Yakubu, and the Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), Modibbo Hamman Tukur.

FG stops People From Taking Cash Out of Public Accounts

With the continual depreciation of the Naira and the adoption of a new Naira Policy, Section 1 of the Proceeds Of crime Prohibition Act was automatically activated, according to a statement issued by the NFIU’s Chief Media Analyst, Ahmed Dikko.

Most cash transactions from government accounts, including purchases for estacode for public officers, are reportedly over the cash withdrawal limit set by the Money Laundering Act, which is alleged to have triggered the move.

The head of the NFIU claims this puts honest public servants at risk of jail time.

Also Read: CBN Raises The Amount of Cash You can Withdraw

Tukur added that in preparation for the policy’s implementation, the NFIU is drafting an advisory to be sent to the Receptionist to the Government of the Federation state governors and local govt chairmen across the country, instructing them to order all public servants in their hire to open domiciliary and Naira accounts.

Tukur stated that governors and LG chairmen would be responsible for arranging training for marketplace men and women on how to utilize ATM and POS Services.

Furthermore, Tukur discredited as untrue the statements of naive individuals that the NFIU will freeze all federal govt funds beginning on January 1, 2023.

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