A Federal High Court in Abuja has ordered the Central Bank of Nigeria to stop releasing monthly allocations to Rivers State due to constitutional violations by Governor Siminalayi Fubara in presenting the 2024 budget. The ruling affects future access to funds from the Consolidated Revenue and Federation Account.
In a pivotal decision on Wednesday, Justice Joyce Abdulmalik of the Federal High Court in Abuja ruled against the Central Bank of Nigeria (CBN), instructing it to cease the release of monthly financial allocations to the Rivers State Government. This ruling stems from the controversial presentation of the 2024 budget by Governor Siminalayi Fubara before a four-member assembly, which the court found to be a violation of constitutional mandates.
Justice Abdulmalik characterized the actions of the Rivers State government regarding the acceptance and distribution of funds since January 2024 as a "constitutional somersault," emphasizing that such practices cannot be permitted. The court maintained that implementing an unlawful budget constitutes a serious breach of the 1999 Constitution, which the governor is obligated to uphold.
Consequently, the court has barred the CBN, the Accountant General of the Federation, and financial institutions, including Zenith Bank and Access Bank, from allowing Governor Fubara to access funds from the Consolidated Revenue and Federation Account.
