Home News Oil-Producing States Got N85bn in February as 13% Derivative – NBS

Oil-Producing States Got N85bn in February as 13% Derivative – NBS

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The Nine oil-producing states in Nigeria received N85.10 billion as 13 per cent derivative from oil and gas revenue in February 2024, the National Bureau of Statistics (NBS) has said.

Data released by the Statistics office, revealed that the N85.10billion 13 per cent oil derivative in February rose from the N57.92 billion 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.

Meanwhile, the Federation Account Allocation Committee (FAAC) disbursed N2.07 trillion to the three tiers of government in February 2024 from the total revenue generated in January 2024.

The amount disbursed comprised N1.15 trillion recorded from the Statutory Account, N479.03 billion from Exchange Gain, N16.59 million from Electronic Money Transfer Levy, and N420.73 billion from Value Added Tax.

The NBS noted that the federal government got a total of N407.27billion, states got a total of N379.41billion, and local governments got a total of N278.04billion in February 2024.

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