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Sunday, February 5, 2023

JUST IN: Buhari approves N1.7trn 13% oil derivation, others for nine oil-producing states

President Muhammadu Buhari has approved 13 percent oil derivation, subsidy, and SURE-P from 1999 to 2021 totalling 1.7 Trillion Naira to 9 oil-producing states.

This was according to a statement issued by the president’s Senior Special Assistant on Media and Publicity, Garba Shehu, on Friday, December 2, 2022.

Buhari while vowing that all debts owed to the states will be paid, regardless of political affiliation, confirmed that N625B has been paid so far; the balance will be paid in due course.

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The states to have received the refunds dating from 1999 to 2021 including Abia, Akwa-Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers.

Abia State received N1.1billion, Akwa-Ibom – N15bn; Bayelsa – N1.6 billion; Cross River – 432 million; Delta – N14.8 billion; Edo – N2.2 billion; Imo – N2.9billion; Ondo – N3.7billion and Rivers – N12.8 billion.

The president noted that the states were paid in eight installments between October 2, 2021, and January 11, 2022, while the ninth to 12th installments are still outstanding.

He recalled data obtained from the Federation Account Department, Office of the Accountant General of the Federation, which it said showed that a total of N477.2 billion was released to the nine states as a refund of the 13 per cent derivation fund on withdrawal from Excess Crude Account (ECA), without deducting derivation from 2004 to 2019, leaving an outstanding balance of N287.04 billion.

He said states also got N64.8 billion as a refund of the 13 per cent derivation fund on deductions made by Nigeria National Petroleum Company Limited without payment of derivation to Oil Producing states from 1999 to December.

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He further stated that the benefitting states still have an outstanding balance of N860.59 billion from the refunds.

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