The Association of Local Governments of Nigeria (ALGON) has directed local government chairmen across the country to visit their nearest Central Bank of Nigeria (CBN) branch to complete outstanding documentation necessary for receiving direct financial allocations from the Federation Account.
ALGON stated that this move follows the implementation of local government accounts, ensuring compliance with the Supreme Court judgment granting financial autonomy to local councils.
A letter dated March 5, 2025, signed by ALGON’s acting Director General, Mrs. Evan Enekwe, emphasized that the CBN has opened accounts for all 774 local governments and area councils. However, for these accounts to become fully operational, local governments must complete Know Your Customer (KYC) procedures and other required protocols with the CBN.
The letter urged council chairmen to immediately proceed to the nearest CBN branch to finalize the necessary processes, ensuring that monthly revenue allocations can be disbursed directly to their respective accounts in accordance with the court ruling.
Chairmen were advised to comply promptly, with ALGON National President, Engr. Bello Lawal, extending his regards in the communication.
Post a Comment