All the 774 Local Governments Councils in Nigeria have been advised to open dedicated accounts with the Central Bank of Nigeria, thegazellenews.com reports.
This development comes following the Federal Government decision to channel fund directly from the federal revenue allocations to the council areas.
The National President of the Association of Local Governments (ALGON), Bello Yandaki made this disclosure in a statement issued on Sunday, January 19, 2025.
According to Yandaki, following the ruling of the Supreme Court affirming the autonomy of the councils, it has become critical for the 774 LGs to have a dedicated account with the Apex Bank.
ALGON President, who said the new accounts from the councils with help in the effective implementation of the decision of the Supreme Court on LG autonomy, also assured citizens that the funds released to the council chairmen would be monitored by the Nigerian Financial Intelligence Unit (NFIU).
He also urged the public to disregard reports of delayed disbursement of funds to various councils across the nation.
“The CBN is presently awaiting directives from the Federal Government to open local government accounts for the respective states, which can be done between 24 and 48 hours for each.
“I am a member of the sub-committee that was set up to trash out contentious grey areas, and we have already met relevant stakeholders, including labour unions, local government chairmen, NULGE, and so on,” Yandaki said,
