In light of the Federal Government’s determination to allocate funds directly to Local Government Areas from federal revenue allocations, all councils have been encouraged to register special accounts with the Central Bank of Nigeria.
The Association of Local Governments (ALGON) national president, Bello Yandaki, made this announcement on Sunday, January 19, 2025.
Yandaki stated that it is now crucial for the 774 LGs to have a specific account with the top bank after the Supreme Court’s decision upholding the councils’ autonomy.
According to him, the courts’ ruling on LG autonomy would be implemented more successfully thanks to the new accounts for the councils.
Additionally, he gave the public the assurance that the Nigerian Financial Intelligence Unit (NFIU) will monitor the money given to the councilmen.
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He also asked people to ignore rumors that money has been delayed in reaching other municipalities around the country.
“The Central Bank of Nigeria is currently awaiting instructions from the federal government to open local government accounts for the respective states, which can be done within 24 to 48 hours for each state,” he stated.
“I am a member of the subcommittee that was established to eliminate controversial grey areas, and we have already met with pertinent stakeholders, such as NULGE, labor unions, and local government chairmen,” Yandaki stated.
