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BREAKING: Federal High Court Bars CBN from Disbursing Monthly Allocations To Rivers State
As part of the ruling, the CBN, Accountant General of the Federation, and major financial institutions, including Zenith Bank and Access Bank,
Abuja, Nigeria- The Federal High Court in Abuja has halted the Central Bank of Nigeria (CBN) from releasing monthly financial allocations to the Rivers State government, a move poised to significantly impact the state’s fiscal operations.
The decision, handed down by Justice Joyce Abdulmalik, comes amidst allegations of constitutional violations by Rivers State Governor Siminalayi Fubara.
Justice Abdulmalik’s order, issued on Wednesday, stems from claims that Governor Fubara has unlawfully received and managed monthly state allocations since January.
The judge cited that Fubara’s actions, including the presentation of the 2024 budget to a reduced four-member Rivers State House of Assembly, contravene constitutional requirements and undermine democratic principles.
“The implementation of an unauthorized budget amounts to a constitutional aberration,” Justice Abdulmalik stated, labeling Fubara’s approach as a “gross violation” of his oath to uphold the 1999 Constitution.
As part of the ruling, the CBN, Accountant General of the Federation, and major financial institutions, including Zenith Bank and Access Bank, are prohibited from facilitating any access by Governor Fubara to Rivers State’s funds from the Consolidated Revenue and Federation Account.