
30/10/2024
FEDERAL HIGH COURT STOPS CBN FROM RELEASING FUNDS TO RIVERS STATE GOVERNMENT
In a significant ruling, Justice Joyce Abdulmalik of the Federal High Court in Abuja has restrained the Central Bank of Nigeria (CBN) from releasing monthly financial allocations to the Rivers State Government.
The decision comes after Governor Siminalayi Fubara's presentation of the 2024 budget to a four-member Rivers House of Assembly was deemed unconstitutional.
The court held that Fubara's actions violated the 1999 Constitution, specifically the provision requiring a validly constituted House of Assembly to pass the budget. With only four members present, the assembly's approval of the N800 billion budget was deemed invalid.
As a result, the CBN, Accountant General of the Federation, Zenith Bank, and Access Bank are barred from allowing Fubara to access funds from the Consolidated Revenue and Federation Account. This move effectively freezes the state government's finances until a lawful appropriation act is passed by a properly constituted House of Assembly.
Earlier in October, the Court of Appeal in Abuja upheld the Federal High Court's decision to set aside the N800 billion budget passed by five members of the Rivers State House of Assembly The appeal court dismissed Fubara's appeal, citing lack of merit.
The ruling emphasizes the importance of adhering to constitutional provisions and the rule of law. It also highlights concerns about executive dictatorship and the need for proper checks and balances in governance.
Source:
HarmonyTimes,
Ilorin kwara state.