By Abidemi Samuel
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In a significant development, local governments across Nigeria have begun opening accounts with the Central Bank of Nigeria (CBN) in anticipation of receiving direct federal allocations starting this January.
This move marks a crucial step towards decentralizing financial management and empowering local governments to take charge of their financial affairs.The CBN, as the apex monetary authority in Nigeria, plays a vital role in managing the country’s financial system.
By opening accounts with the CBN, local governments will be able to receive federal allocations directly, reducing the risk of mismanagement and ensuring transparency in financial transactions.
This development is expected to have far-reaching implications for local governments in Nigeria, enabling them to better manage their finances, prioritize development projects, and improve service delivery to their citizens.
As the country continues to navigate the complexities of federalism, this move is seen as a positive step towards strengthening the fiscal autonomy of local governments.
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