Labour unions commend Federal Govt, banks for smooth take off of NFIU

Godwin Emefiele

CBN Governor Godwin Emefiele says it is the duty of the bank to print money and lend out to government

Godwin Emefiele, CBN governor

Some Labour Unions have commended the Federal Government and Financial Institutions for the smooth take off of the Nigerian Financial Intelligence Unit (NFIU) in the country.

The unions are the Nigeria Union of Local Government Employees (NULGE) and the Senior Staff Association of Statutory Corporations and Government Owned Companies (SSASCGOC).

Mr Ibrahim Khaleel, NULGE president and Mr Ayo Olorunfemi, SSASCGOC General Secretary, gave the commendation in separate statements on Wednesday in Abuja.

Khaleel said that the adherence of financial institutions to guidelines of NFIU on the Joint state-Local government funds would spur development and end insecurity in the country.

According to Khaleel, the smooth take off of the NFIU and the way the banks have cooperated for its smooth take off, is encouraging, in spite of opposition it faced from the governors, who feed fat on local government (LG) funds.

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“The Federal Government, especially President Muhammadu Buhari should be commended for standing on the side of the people, rule of laws and the development of the country, by insisting on NFIU guidelines.

“Also, the Financial institutions must be commended for strict adherence to the rules, while we praise the Unit itself for leading the way in doing a very good job,” he said.

Khaleel noted that, effective regulation of arbitrary withdrawals of LGA funds by state governments from the joint local government areas and state joint accounts by the Nigeria Financial Intelligence Unit (NFIU) would reduce looting of council finances.

The NULGE President, however, described the implementation as a giant step towards granting financial autonomy to local governments.

He also assured Nigerians of the union’s readiness to work with relevant agencies of government to ensure that successful implementation of the guidelines was achieved.

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