Cross River, Akwa-Ibom, Abia, Bayelsa, Others Got N625 Billion Oil Derivation Funds — FG

In Breaking News, Business & Economy

By Biodun Busari, Vanguard Newspaper

The Federal Government has published the nine oil-producing States that are beneficiaries of the disbursed N625.43 billion 13% oil derivation fund in 2021 and 2022 according to a press release by the Senior Special Assistant to the President, Garba Shehu on Friday.

In the statement, the states that benefited from the derivation fund as published by the FG are Abia, Akwa-Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo, and Rivers.

The publication was hinged on the controversy among Niger Delta governors that claimed they did not receive the 13% derivation fund following Rivers State Governor, Nyesom Wike’s commendation of President Muhammadu Buhari.

Wike, in the commissioning of one of his State’s projects, last month said, “Mr. President approved and paid all of us from the Niger Delta states. And for me, it would be unfair not to tell the public.”

Bolstering Wike’s statement, FG, in the publication said, “Nine oil-producing states received a total of N625.43 billion 13 percent oil derivation, subsidy and SURE-P refunds from the Federation Account in the last two years, 2021-2022.

“The States that received the refunds dating from 1999 to 2021 are Abia, Akwa-Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo, and Rivers.

“The benefitting States still have an outstanding balance of N860.59 billion windfall from the refunds, which was approved by President Muhammadu Buhari.

“According to the figures, under the 13 percent derivation fund on withdrawal from ECA without deducting derivation from 2004 to 2019, Abia State received N4.8 billion with an outstanding sum of N2.8 billion, Akwa-Ibom received N128 billion with an outstanding sum of N77 billion, Bayelsa with N92.2bn, leaving an outstanding of N55 billion.

“Cross River got a refund of N1.3 billion with a balance of N792 million, Delta State received N110 billion, leaving a balance of N66.2 billion, Edo State received N11.3 billion, with a balance of N6.8 billion, Imo State, N5.5 billion, with an outstanding sum of N3.3 billion, Ondo State, N19.4 billion with an outstanding sum of N11.7bn while Rivers State was paid 103.6 billion, with an outstanding balance of N62.3 billion.”

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