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Delta highest, as nine oil-producing states earn N1.5trn in 3 years



Crude oil prices hits the $70 dollar mark

Oil-producing states in Nigeria received a total of N1.5 trillion as 13 percent derivation funds between 2021 and 2022.

Data released by the Federal Account Allocation Committee (FAAC) showed that a total of N1.55 trillion was shared among the states between 2020 and 2022.

The oil-producing states received N665.86 billion from the 13 percent derivation Fund in 2022 compared with N455.62 billion and N424.02 billion in 2021 and 2020 respectively.

This means that the states shared a total of N1.55 trillion from the 13 percent derivation Fund in the last three years.

The NBS data shows that the fund was shared by nine states: Delta, Akwa-Ibom, Bayelsa, Rivers, Edo, Ondo, Imo, Lagos and Abia.

READ ALSO:Nigeria’s crude oil production reached 1.398mbpd in January – OPEC

Nigeria’s constitution stipulates payment of 13 per cent of oil revenue from the Federation Account to oil producing states as a derivation Fund that would be used for the exclusive benefit of their oil/gas producing communities, given that such areas are usually negatively impacted by oil and gas exploration and production activities.

The breakdown for the last two years shows that Abia State received N1.1billion, while Akwa-Ibom got a billion; Bayelsa also received N1.6 billion and Cross River pocketed N432 million;

Also, Delta state was paid N14.8 billion, Edo was credited N2.2 billion; Imo got N2.9 billion; Ondo N3.7 billion, and Rivers State also pocketed N12.8 billion.

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