Court Orders CBN To Stop Releasing Funds To Rivers

Post created on 12:01 pm

Another restriction has been slammed the Rivers State Government by a Federal High Court in Abuja that all financial monthly allocations from the Central Bank of Nigeria to the state should be put on hold.

Delivering the judgment on Wednesday, Justice Joyce Abdulmalik said the 2024 budget Governor Siminalayi Fubara presented to Rivers House of Assembly was faulty in line with Nigeria’s constitution.

The judge faulted how a four-member panel has been sitting and approving allocations since January, and such an act will no longer be allowed to continue.

Therefore, CBN, Accountant General of the Federation, Zenith, and Access Bank were restricted from allowing the state Governor to access Consolidated Revenue and Federation Account.