Nigerian governors have risen against new financial regulations which seek to end their control of local government finances. PREMIUM TIMES reported how the Nigerian Financial Intelligence Unit (NFIU) announced a ban on transactions on state and local government joint accounts, arguing that such accounts are only transitional accounts from where funds should go directly to the accounts of local governments. The NFIU also placed a limit on cash withdrawals from local governments accounts to a maximum of N500,000 per day. It warned banks to ensure strict compliance. Governors, under the…
Read MoreGOVERNORS REJECT NFIU GUIDELINES, WRITE BUHARI
