Tonye Cole: Siminalayi Fubara Has Two Options After Court Stops Monthly Allocation To Rivers

The Federal High Court’s recent decision to halt monthly federal funding for Rivers State has exacerbated the political impasse and raised questions about the state’s financial health. Judge Joyce Abdulmalik’s ruling forbids the Central Bank of Nigeria (CBN) from disbursing money to the Rivers State government from the consolidated revenue account. This has spurred urgent talks on the state’s other economic options.CONTINUE FULL READING>>>>>

Tonye Cole, co-founder of Sahara Group, discussed the implications of the ruling and proposed two options for Governor Siminalayi Fubara. During an interview on Lunchtime Politics on Channels Television, Cole suggested that Fubara could first attempt to resolve the standoff. However, he warned that protracted legal battles could hinder critical development projects in the state. “Unfortunately, if this continues, there will be no visible development in Rivers State,” he cautioned.

Cole’s second option was to focus on developing a self-sustaining economy that no longer relies on federal allocations. He acknowledged that this would be a difficult task, but insisted it was possible. “The state needs to look inward and build an economy that can sustain itself,” he said, stressing the importance of resolving the ongoing court cases to bring stability.

This ruling comes amid rising political tensions in Rivers State, where divisions between Governor Fubara and key legislative figures have led to legal disputes over budget allocations and local government funds. As the state faces both financial and political crises, Fubara must navigate these challenges to ensure progress and stability.CONTINUE FULL READING>>>>>