Delivering judgment in the suit on Thursday, a seven-member panel of justices held that state governments have continued to abuse their powers by retaining and using the funds meant for LGAs.

The apex court also ordered the federal government to withhold allocations of LGs governed by unelected officials appointed by the governor.

In the lead judgement read by Justice Emmanuel Agim, the apex court observed that the state governments’ refusal of financial autonomy for local governments has gone on for over two decades.

Justice Agim said local governments have since stopped receiving the money meant for them from the state governors who act in their stead.

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On Wednesday, a seven-member panel led by Justice John Okoro, halted the move of the federal government in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara, Daily Dates Nigeria reports.

The three states had specifically applied for an order of Interim Injunction restraining “the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.

Moving the application on Wednesday, counsel to the applicants, Mr A. I. Mustapha, SAN, had urged the apex court to grant the application in the interest of justice and the well-being of Nigeria.

He stated that the policy of the government had led to an “excruciating situation that is almost leading to anarchy in the land “.

While he referred to a Central Bank of Nigeria’s (CBN) statistics which put the number of people who don’t have bank accounts at over 60 percent, Mustapha lamented that the few Nigerians with bank accounts can’t even access their monies from the bank as a result of the policy.

The senior lawyer further argued that unless the Supreme Court intervenes the situation will lead to anarchy because most banks are already closing operations.

Delivering ruling in the motion, Justice Okoro, held that after a careful consideration of the motion exparte this application is granted as prayed, “An order of Interim Injunction restraining the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.

He accordingly adjourned to February 15, 2023 for hearing of the main suit.

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