A Federal High Court in Abuja has issued an order stopping the Central Bank of Nigeria (CBN) from releasing monthly financial allocations to the Rivers State government.
This development comes after Governor Fubara presented the 2024 budget to a 4-member Rivers House of Assembly, which was seen as a violation of constitutional provisions. The presentation of the budget to a reduced number of assembly members has raised concerns about the legitimacy of the process.
The court has restrained the CBN, the Accountant General of the Federation, Zenith Bank, and Access Bank from allowing the Rivers Governor to access money from the Consolidated Revenue and Federation Account.
This means that the state government will not receive its monthly allocation until the issue is resolved. The court's decision is a significant development in the ongoing dispute over the Rivers State government's financial management.
The implications of this decision are far-reaching, and it remains to be seen how the state government will respond to this development. The court's ruling may lead to a review of the budget presentation process and the constitutional provisions surrounding it.