CBN, LG Chairmen Disagree Over Account Opening for Autonomy
The Central Bank of Nigeria (CBN) has begun profiling the chairmen and signatories of 774 local government bank accounts to implement financial autonomy, as mandated by a Supreme Court ruling in July 2024. The ruling barred state governors from controlling local government funds.
However, the Association of Local Governments of Nigeria (ALGON) claims it has not received any official communication from CBN regarding the process.
The Attorney General of the Federation (AGF) assured that autonomy implementation would begin once the CBN process is completed. Meanwhile, EFCC Chairman Ola Olukoyede warned local government chairmen against financial mismanagement, stating they do not have immunity from prosecution and that the EFCC would monitor fund utilization closely.
