A directive given by the Federal Government of Nigeria expired by end of Tuesday. This will enable for easier monitoring of government spending with the hope of stamping out corruption. The account will be managed by Central Bank of Nigeria.
Commercial banks who had hitherto kept the funds are estimated to lose about $10billion when all monies are transferred.
Departments that fail to comply at the end of the deadline will face sanctions. President Muhammadu Buhari who gave the order to closethe multiple bank accounts has said that he believes government officials have stolen over $150billion in the past decade.
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