Against the backdrop of opposition to local government autonomy by state governors, a former Commissioner for Finance in Rivers State, Chamberlain Peterside has given thumbs up to the recent move by the Federal Government to entrench financial autonomy in the 774 local governments across the country.

Peterside, a United States based financial expert, in an online chat with Kristina Reports, said the move will ensure fiscal discipline and accountability in the nation’s public sector.

The Nigerian Financial Intelligence Unit (NFIU) recently announced new regulations for the operations of local government finances.

The new regulations, which is expected to take-off June 1, 2019, limits daily cash withdrawals to N500,000 and requires any amount above that ceiling to go through valid cheques or electronic transfer.

The NFIU, which was excised from the Economic and Financial Crimes Commission, stated that it was acting in the interest of the Nigerian financial system which stood the risk of being proscribed from the international financial system due to perceived infractions such as public sector corruption, money laundering and security threats.

Peterside, who was Finance Commissioner during the administration of Rotimi Amaechi as Governor of Rivers State, said: “It is a welcome development. Any regulation that will entrench fiscal discipline and accountability in the public sector will be in the general interest of Nigeria, though it might not benefit certain groups or individuals who, therefore, are opposed to it”.

He dismissed concerns that with the opposition of state governors to the new regulations, implementing them could be fraught with challenges, expressing optimism that implementation would be easy.

“I don’t know of any hiccups but believe it can be implemented as long as it’s within the ambits of constitutional provision”.