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NEWS

State Governors Open Security Vote Accounts With CBN

November 20, 2023 • 2 min read

Governors will now access their security votes from the Central Bank of Nigeria (CBN), a change resulting from the agreement between the 36 governors and the Nigerian Financial Intelligence Unit (NFIU) earlier in the year.

As part of the agreement, state governments were instructed to open dedicated accounts with the CBN specifically for their governors’ security votes, allowing the NFIU to monitor cash withdrawals for security purposes.

Before the NFIU’s January 5, 2023 directive prohibiting cash withdrawals from public accounts, governors obtained their security votes from monthly subventions from the Federal Accounts Allocation Committees (FAAC).

The NFIU compelled states to shift from commercial bank channels, directing them to establish accounts with the CBN for security vote transactions, aiming to expedite access to funds during security exigencies.

Despite the challenges, including some states insisting on retaining cash reserves for security issues, the NFIU ensures oversight and monitoring mechanisms for these funds.

Concerns over the withholding of cash palliatives led the NFIU to emphasize the need for transparency and accountability in managing public funds, with investigations into such actions falling under the purview of the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

Following the NFIU’s January ban on cash withdrawals from public accounts, state governments were granted a grace period until April 15, 2023, to withdraw cash for security votes only, after negotiations.

The source of the N5 billion cash palliative fund, as explained by Minister of Finance Mr. Wale Edun, was a combination of federal government grants and state government borrowing.

Despite the urgency to alleviate the impact of petrol subsidy withdrawal, many state governors, including Osun State Governor Ademola Adeleke, have remained silent on their utilization of the funds released in August.