Abdulwahab Isa 
Barely one month to the enforcement of cashless policy across ministries, departments and agencies (MDAs) in the three tiers of governments (federal, states and local government councils), the National Financial Intelligence Unit (NFIU) is under intense pressurefromsomepowerful interests to rescind the policy. Cashless transaction across government formations is billed for implementation on March 1, 2023. Findings from a highly placed insider source within the agency said there had beensubtlepressurebysome highly placed people suggesting a review which implied outright dumping or extension of the deadline.
The official, who asked not to be quoted, because he is not authorised to speak, said NFIU remained unwaivering and committed to strict adherence to the new policy slated to start on March 1, 2023. According to the source,” honestly, I am not aware of a plan to postpone it as you alluded to have heard. “I need not tell you to hold on for me to cross check and get back. And I am not sure is true.
There is pressure alright but no sign so far that it will be shifted. Be that as it may, I will keep you posted if thereisanydevelopment,” he told New Telegraph. Recall that on January 4, 2023, NFIU announced prohibition of cash withdrawals from accounts belonging to the Federal Hovernment, its agencies or parastatals, as wellasstateandlocalgovernments. NFIU’ Head, Moddibo Haman Tukur, had said the policy was necessary to arrest the rate by which monies were taken out of public accountswithoutrecourseto the money laundering laws and sometimes for corruption purposes. According to him, the rate of withdrawals above the threshold from public accounts have been alarming, adding that over N701 billion was withdrawn in cash from 2015 till date.
He said effective from March 1, 2023, directive was given to all financial institutions to stop cash withdrawals from government accounts. He warned that any government official who flouts the order would be prosecuted alongside his or her accomplices. He said the NFIU had told banksandgovernmentagencies at all levels to move fully into online, as all transactions involving public moneymust be routed through the banks for the purpose of accountability and transparency.
The cashless policy extension to government agencies and the three tiers of governments, he said, was in line with the resolve to fully transit the country into cashless economy, which the Central Bank of Nigeria (CBN) has been leading. “As far as we are concerned, Nigeria will become a full non-cash economy by March 1, this year. As a consequence, any government official that withdraws even one naira cash from any public account from March 1 will be investigated and prosecuted in collaboration with relevant agencies like EFCC and ICPC. “This is not reversible as we are only enforcing the law,” he added. Talking about those who may want to flout the regulation under the excuse of government exigencies and allthat, Tukurnotedthatonly President Muhammadu Buhari had the power to grant any waiver to any official.
