Nigeria will phase out cash withdrawals in the MDAs
Nigeria will phase out cash withdrawals in the MDAs.
The Nigeria Financial Intelligence Unit (NFIU) has announced a deadline for cash withdrawals from accounts of the federal, state and local governments and all their Ministries and Department Agencies (MDAs). The agency also said over N1 trillion in cash was withdrawn from government accounts (federal, state and local government) between 2015 and 2022.
The NFIU Director, Moddibo Tukur, who announced these while addressing journalists in Abuja on Thursday, vowed that his agency would clamp down on erring officials who violated the directive after the deadline at the end of February.
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Mr Tukur said his unit would begin to enforce compliance from 1 March 2023.