Presidency Reveals How Much Oil Producing States Gets From 13% Derivation, Others
TODAY'S NEWS RECAP
The presidency have revealed that the nine-producing states received 13 percent derivation summing up to N625.43 billion, subsidy and SURE-P refunds from the Federation Account in the last two years.
This was contained in a statement on Friday by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, which listed the states to have received the funds from 19991 to 2021 to include Abia, Akwa-Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers.
Abia State received N1.1billion, Akwa-Ibom – N15bn; Bayelsa – N1.6 billion; Cross River – 432 million; Delta – N14.8 billion; Edo – N2.2 billion; Imo – N2.9billion; Ondo – N3.7billion and Rivers – N12.8 billion.
Presidential spokesman noted that the states were paid in eight instalments between October 2, 2021, and January 11, 2022, while the ninth to 12th instalments are still outstanding.
He recalled data obtained from the Federation Account Department, Office of the Accountant General of the Federation, which it said showed that a total of N477.2 billion was released to the nine states as a refund of the 13 per cent derivation fund on withdrawal from Excess Crude Account (ECA), without deducting derivation from 2004 to 2019, leaving an outstanding balance of N287.04 billion.
According to Shehu, states also got N64.8 billion naira as a refund of the 13 per cent derivation fund on deductions made by Nigeria National Petroleum Company Limited without payment of derivation to Oil Producing states from 1999 to December.
He further stated that the benefitting states still have an outstanding balance of N860.59 billion from the refunds, which it said was approved by President Muhammadu Buhari.