News
13% Derivation: Nine Oil Producing States Get N12.3bn In August
The Federation Account Allocation Committee, FAAC, says the nine oil-producing states in Nigeria shared N12.324 billion as 13 per cent derivation revenue in August.
FAAC disclosed this in a communique released, last Friday.
The nine oil-producing states include Abia, AkwaIbom, Anambra, Bayelsa, Delta, Imo, Edo, Ondo and Rivers.
“The sum of N12.027billion (13percent of mineral revenue) and N0.296billion (13percent of savings from NNPCL) went to the relevant states as derivation revenue,” FAAC’s communique stated.
The 13 percent of derivation fund comes from the Federation Account to oil-producing communities, according to Section 162,(2) of the Nigerian Constitution.
According to the National Bureau of Statistics, in 2022 alone, the nine oil-producing states shared N970.20billion from the Federation Account through the 13percent derivation formula.
The federal, states and local government councils shared N1.1trillion in revenue in August from FAAC.
News
Cleric Predicts Breakthrough, Warns of Political and Security Challenges in 2026
News
Ado Royal Family Disowns Alleged Installation of Amanyanabo of Okrika
News
PH Traders Laud RSG’s Fire Safety Sensitisation Campaign
-
News5 days ago2026 Budget: FG Allocates N12.78bn For Census, NPC Vehicles
-
Sports4 days agoAFCON: Osimhen, Lookman Threaten Algeria’s Record
-
Politics4 days agoRivers Political Crisis: PANDEF Urges Restraint, Mutual Forbearance
-
Politics4 days agoWike’s LGAs Tour Violates Electoral Laws — Sara-Igbe
-
Sports4 days agoPalace ready To Sell Guehi For Right Price
-
Sports4 days agoArsenal must win trophies to leave legacy – Arteta
-
Sports4 days agoTottenham Captain Criticises Club’s Hierarchy
-
Sports5 days agoNPFL To Settle Feud between Remo Stars, Ikorodu City
