National Financial Intelligence Unit (NFIU) and local government financial freedom in Nigeria: a critical challenge.

Abstract

National Financial Intelligence Unit (NFIU) and Local Government Financial Freedom in Nigeria: A Critical Challenge is a study posed to find out the critical challenge facing NFIU as part of the antigraft agencies in Nigeria championing the financial freedom of the Nigerian local government system. Indeed, the financial freedom of local governments in Nigeria constitutes a serious issue of contention in our contemporary democratic governance; such contentions have led to questions challenging Nigeria’s federalism that created three tiers of Government being expected to be independent. However, the objective is to identify the critical challenge facing the National Financial Intelligence Unit in pursuing local governments’ financial freedom in Nigeria. The study adopted the Power elite theory to unravel the manipulative tendencies of the Nigerian political elites. Meanwhile, the study applied research design with both primary and secondary sources of data collection. The study uncovered that the State Joint Local Government Account (SJLGA) is the major challenge for NFIU in pursuing local government financial freedom in Nigeria. Finally, the study recommended the review of some relevant sections of the 1999 constitution of the Federal Republic of Nigeria to enhance the NFIU pursuits of the financial freedom of the local government areas in Nigeria; the amendment of some relevant sections of the 1999 constitution of the Federal Republic of Nigeria as to empower NFIU for its set goals and objectives for the holistic development of the rural areas and her people and the Federal Government of Nigeria should jettison the State Joint Local Government Account (SJLGA) in the Constitution using the force of lobbying to obtain success at all level to enable NFIU succeed.