CBN, AGF Barred from Releasing Rivers States’ Monthly Allocation

A Federal High Court in Abuja has issued an order restraining the Central Bank of Nigeria (CBN) and the Accountant General of the Federation (AGF) from releasing monthly financial allocations to the Rivers State government.

Economic Confidential gathered that the order also affected the Zenith Bank and Access Bank where the state government also banks.

Justice Joyce Abdulmalik, in a judgment, on Wednessday noted that the receipt and disbursement of monthly allocations since January 2024 by Gov. Siminalayi Fubara of Rivers is a constitutional somersault and aberration that must not be allowed to continue.

Justice Abdulmalik held that the presentation of the 2024 Budget by Fubara before a 4-member Rivers House of Assembly was an affront to the constitutional provision.

The judge said that Fubara’s action in implementing unlawful budget had smacked gross violations of the 1999 Constitution he swore to protect.

She, however, ordered the CBN, AGF, Zenith Bank and Access Bank from further allowing Fubara to access money from the Consolidated Revenue and Federation Account.