Tuesday, March 10, 2026
FB X LI YT
YT
The Yoruba Times
Unfolding the Stories of Yoruba, Nigeria and the world in general: Your Trusted Source at The Yoruba Times
Breaking
🇳🇬⚖️ BREAKING: Shariah Council Fires Back at US Lawmakers — “No Power Can Stop Muslims From Practicing Shariah in Nigeria!” BREAKING: Fulani Chiefs Allegedly Funded Yelwata Massacre That Killed Over 200 — Witness Testifies in Court BREAKING: Northern Christian Leaders Drop ‘CAN’ Title, Revive Original ‘NCA’ Name from 1964 to Strengthen Regional Identity 🇺🇸 US Confirms: ISWAP, Boko Haram & Fulani Militants Coordinating to Establish Islamic Caliphate in Nigeria BREAKING: U.S. Congress Issues 11-Point Ultimatum to Nigeria Over Alleged Christian Genocide – Demands Repeal of Sharia, Beef Export Ban, Sanctions BREAKING: US Moves to Block Nigeria’s Beef Exports Over Herdsmen Terrorism — Ghana, SA, Ivory Coast, Senegal Affected BREAKING: Afenifere USA Honours Yoruba Scholar Barakat Fasasi with N1 Million Prize for Groundbreaking Research on Ibadan’s Plank Sellers History BREAKING: “They Can Kill Tinubu Anytime!” — El-Rufai’s Phone Tapping Confession Exposes Presidential Security Nightmare
NEWS

State Governors Open Security Vote Accounts With CBN

Adedoja Adesoji
• 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.