LGs face new hurdle as CBN requests 2-year audit reports for FAAC allocation Local governments nationwide are facing a new challenge in receiving their monthly allocations directly from the Federation Accounts. Each of the 774 local governments is now required to furnish the Central Bank of Nigeria (CBN) with a comprehensive audit of its finances for two years as a prerequisite for direct remittance of their allocations, it was learnt yesterday. The direct revenue disbursement was originally scheduled to commence last month but had to be deferred at the last minute because...