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.