774 Local Governments have set up accounts with CBN to receive direct allocation.
NewsOnline Nigeria reports that the 774 local governments are to open dedicated accounts with the Central Bank of Nigeria (CBN) for the direct disbursement of allocations to them from the Federation Account, the Association of Local Governments of Nigeria (ALGON) has disclosed.
The National President, Bello Lawal Yandaki, who disclosed this said the opening of the account is critical to the implementation of the Supreme Court ruling on direct allocations to the councils.
He said the apex bank is waiting for the Federal Government’s directive on the opening of the accounts.
Also, the Nigerian Financial Intelligence Unit (NFIU) is to monitor the utilisation of the funds by the chairmen in conformity with the principles of transparency, accountability and good governance.
The Federal Government according to sources has constituted a team of anti-corruption agents drawn from the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) to prosecute council chairmen and other officials who indulge in corrupt practices.
