Breaking: Federal Government Freezes FAAC Payments To Rivers State

Breaking: Federal Government Freezes FAAC Payments To Rivers StateThe federal government has announced that it will no longer remit monthly funds from the Federation Account Allocation Committee (FAAC) to Rivers State. This decision was confirmed by Bawa Mokwa, the spokesperson for the Office of the Accountant General of the Federation (AGF).....KINDLY READ THE FULL STORY HERE▶

Mokwa explained that the action follows a court order related to the political situation in Rivers State. While he clarified that no state had received its FAAC allocation for October 2024 yet, he emphasized that the federal government would comply with the court ruling regarding Rivers State.

“What I was informed is that the October 2024 FAAC has not been distributed yet. However, the Federal Government will abide by the court’s directive regarding Rivers State’s allocation,” Mokwa told Daily Post.

This move comes amid tensions between Governor Siminalayi Fubara and his predecessor, Nyesom Wike, now serving as the Minister of the Federal Capital Territory (FCT). A court had previously ordered the Central Bank of Nigeria (CBN) and the federal government to halt FAAC payments to Rivers State until Governor Fubara submits the state’s budget to the House of Assembly in accordance with legal requirements.

Justice Joyce Abdulmalik of the Abuja Federal High Court also ruled that the CBN, AGF, Zenith Bank, and Access Bank should prevent Fubara from accessing funds from both the Consolidated Revenue Fund and the Federation Account. Further updates are expected.

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