Oil-Producing States 13% Derivative Fund Hits N85bn.

Funds earmarked to nine oil-producing states as the 13 per cent derivative from oil and gas revenue, rose to about 85 billion naira in February 2024.

According to the Bureau, the 85 billion naira 13 per cent oil derivative in February increased from about 58 billion naira 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, disbursed the sum of 2.07 trillion naira to the three tiers of government in February 2024 from the total revenue generated in January 2024.

The amount disbursed comprised of N1.15trn recorded from the Statutory Account, 479 billion naira from Exchange Gain, N16.59m from Electronic Money Transfer Levy, and N420.73 billion naira 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.