Energy

March 20, 2024

Oil-producing states 13% derivative fund climbs N85 billion in February — NBS

By Grace Udofia

The funds earmarked to nine oil-producing states as the 13 per cent derivative from oil and gas revenue climbed to about N85bn in February 2024.

This is according to data sourced from the National Bureau of Statistics (NBS).

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According to the Bureau, NBS the N85bn 13 per cent oil derivative in February increased from about N58bn shared in January 2024.

Nigeria’s revenue-sharing formula requires that the nine oil-producing states, including Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Imo, Edo, Ondo, and Rivers, receive 13 per cent as oil revenue derivative.

The development comes following data from NBS, where it said the Federation Account Allocation Committee (FAAC), disbursed the sum of N2.07 trn to the three tiers of government in February 2024 from the total revenue generated in January 2024.

The amount disbursed consisted of N1.15trn recorded from the Statutory Account, N479bn from Exchange Gain, N16.59m from Electronic Money Transfer Levy, and N420.73bn from Value Added Tax.

According to NBS, the federal government got a total of N407.27bn, states got a total of N379.41bn, and local governments got a total of N278.04bn in February 2024.