What is the ruling on hanging decorations in the streets for the occasion of the Noble Prophetic Birthday (Mawlid) and the money spent for it?

Adorning streets with lights and decorations for the Prophet's birthday (Mawlid) is an innovation (bid'ah muhdathah), first introduced by the Ubaydiyyun (Fatimid dynasty). Reviving innovations leads to the death of Sunnahs (Prophetic traditions), and those who practice them claim to draw closer to Allah through them. However, drawing closer to Allah is achieved by following His law, and love for the Prophet is manifested by following him, obeying his commands, and refraining from his prohibitions, not by introducing novelties and innovations.