Osun Assembly Warns Banks Against Unauthorized LG Fund Deductions
The Osun State House Assembly cautioned commercial banks against unauthorized deductions from local government funds. The Assembly raised concerns over a directive from a local government authorizing a 15% deduction from its September allocation for a private individual, labeling the action as illegal and unconstitutional without proper budgetary approval.
The Speaker, Adewale Egbedun, emphasized that only recognized signatories should operate local government accounts as per state law. Financial institutions complying with unauthorized instructions may face legal consequences.
The Assembly reaffirmed a resolution prohibiting deductions from local government accounts without strict compliance, emphasizing the need for transparency and adherence to constitutional processes.
Plus234Feed summary based on reporting from Daily Trust. Read the original report below.
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