CBN to Open New Accounts for 774 Councils Under LG Autonomy Initiative

All councils have been encouraged to register special accounts with the Central Bank of Nigeria in response to the Federal Government’s plan to transfer funds directly from federal revenue allocations to the Local Government Area.

On Sunday, January 19, 2025, Bello Yandaki, the national president of the Association of Local Governments (ALGON), made this announcement.
According to Yandaki, it has become crucial for the 774 LGs to establish a special account with the apex bank since the Supreme Court’s decision upholding the councils’ autonomy.

According to him, the new accounts for the councils will aid in the successful execution of the Supreme Court’s ruling on LG autonomy.
Additionally, he promised the public that the Nigerian Financial Intelligence Unit (NFIU) will monitor the money given to the council chairmen.

Additionally, he advised the people to ignore rumors that money to regional councils across the country have been delayed.

According to him, the CBN is currently awaiting orders from the federal government to open local government accounts for each state, which may take anywhere from 24 to 48 hours.

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Yandaki stated, “I am a member of the subcommittee that was established to eliminate controversial grey areas, and we have already met with pertinent stakeholders, such as labor unions, chairmen of local governments, NULGE, and so on.”