It Is Prohibited For Governments To Withdraw Money From Accounts In Nigeria The Financial Crimes Commission in Nigeria, NFIU, has sai...
It Is Prohibited For Governments To Withdraw Money From Accounts In Nigeria
The Financial Crimes Commission in Nigeria, NFIU, has said that the law prohibiting the withdrawal of cash from government funds at any level will come into effect from March 1.
According to the Nigeria Financial Intelligence Unit (NFIU), any government official who violates the law will face three years in prison or a fine of up to three times the amount he withdraws.
NFIU President Malam Modibbo Hamman Tukur told BBC Hausa that since the Buhari administration came into power, a total of 225 billion naira has been withdrawn from the federal government fund.
"The state governments spent the most money, where the city took 700 billion. Local government governments only spent 156 billion," he said.
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