Renowned economists and public affairs commentators, Mr. Henry Boyo and Adaighofua Ojomaikre, have dragged the Central Bank of Nigeria (CBN) to a Federal High Court? in Lagos, over revenue accruable from the sale of crude oil and other revenues.
The court is to determine whether the revenue should be paid into the Federation Account pursuant to Section 162(1) of the 1999 Constitution.
The plaintiffs in their originating summons in their suit number FHC/L/CS/388/2012 are also in the court to determine whether the CBN is competent to substitute foreign currencies paid into the federation account with Naira funds before distributing same among the federal, state and local governments in each state of the federation.
The plaintiffs are also praying the court for a declaration that all revenue accruals from crude oil sold and collected by the government of the federation in foreign and local currencies shall be paid into the federation account in the original currency pursuant to section 162(1) of the Constitution of the Federal Republic of Nigeria, 1999.
They also want the court to give: “A declaration that all other revenue accruals and payments made to the government of the federation in foreign currencies shall be paid into the federation account in the original currency pursuant to Section 162(1) of the Constitution of the Federal Republic of Nigeria, 1999.
“A declaration that by virtue of section 162(3) of the Constitution of the Federal Republic of Nigeria 1999, any amount standing to the credit of the Federation Account shall be distributed among the federal, state and the local governments in each state of the federation on such terms and in such manner as may be prescribed by the National Assembly.