Oil-producing states 13% derivative fund hits N85bn in February- NBS

According to data obtained from the National Bureau of Statistics (NBS), funds allocated to nine oil-producing states as the 13 per cent derivation from oil and gas revenue increased to approximately N85 billion in February 2024.

According to data from the National Bureau of Statistics (NBS), the 13 per cent oil derivative increased to N85 billion in February 2024, up from approximately N58 billion shared in January 2024.

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

This development follows information from the NBS indicating that the Federation Account Allocation Committee (FAAC) disbursed a total of N2.07 trillion to the three tiers of government in February 2024 from the total revenue generated in January 2024.

The disbursed amount included N1.15 trillion from the Statutory Account, N479 billion from Exchange Gain, N16.59 million from Electronic Money Transfer Levy, and N420.73 billion from Value Added Tax.

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