'Buhari'll only consider security, others for cash withdrawals '

• Published date: 11 January 2023
• Publication title: Nigeria - The Nation

MORE facts have emerged on the conditions under which the President would authorise cash withdrawal from public accounts.

Last week, the Nigerian Financial Intelligence Unit (NFIU) foreclosed avenues for cash withdrawals from public accounts from March 1, 2023, but with a proviso that only the President can grant some exceptions to the rule.

Chief Executive Officer, NFIU Modibbo Hamman Tukur, said: 'The President will only consider requests for cash withdrawals from public accounts on issues dealing with the border, defence, security or medical.'

However, 'where certain individuals must move with cash, it's in such cases we say write to the President,' a source told The Nation.

Tukur had stated that an advisory has been issued to 'the governors, chairmen and the MDAs' at the central government's level. 'We give them from now till first of march 2023 to put all facilities in place to operationalise the guidelines.

'So where is the bottom line, on the first of March if there is any cash withdrawal from a government account, we are going to trigger a money laundering investigation in all the law enforcement agencies depending on the relevance of the withdrawal'.

Tukur had stated that 'the limitation is that even if there are special needs to withdraw cash from any public account anywhere, that will have to get a presidential approval. There's no standing waiver to withdraw, but because of certain jobs the waiver will be on a case by case and has to be by the president.

According to NFIU's analysis for 2015 to 2022, the Federal Government withdrew N225.72 billion, the states...