The Nigeria Financial Intelligence Unit (NFIU) has announced that cash withdrawals from government accounts would end by March 1, 2023, adding that any government official that engages in such would be investigated by the Economic and Financial Crimes Commission (EFCC) and other relevant security agencies. This was disclosed to journalists on Thursday in Abuja by the Chief Executive Officer (CEO), NFIU, Modibbo Tukur where he stated that this development was in line with the cashless policy of the Central Bank of Nigeria (CBN).
He said, “The rate of withdrawals above the threshold from public accounts has been alarming, over N710 billion in cash from 2015 till date.
“The NFIU had told banks and government agencies at all levels to go fully digital by moving online, as all transactions involving public money must be routed through the banks for the purpose of accountability and transparency.
“This is not reversible as we are only enforcing the law. As far as we are concerned, Nigeria will become a full non-cash economy by March 1, 2023 this year.”
He added that in cases of certain emergencies, “only the President has the power to grant any waiver to any government official considering the importance of the situation; either for national security, health or other important reasons.”