April 20, 2024
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OIL & GAS

Nigeria’s Oil-Producing States 13% Derivative Fund Hits N85bn in February- NBS

Data from the National Bureau of Statistics (NBS) show that funds allocated to nine Nigerian oil-producing states as part of the 13 percent derivative from oil and gas revenue surged to approximately N85 billion in February 2024. This marked a notable increase from the roughly N58 billion distributed in January 2024.

By Nigeria’s revenue-sharing formula, the nine oil-producing states—Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Imo, Edo, Ondo, and Rivers—are entitled to receive 13 percent of the oil revenue derivative.

This rise in funds distribution follows data 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 revenue generated in January 2024.

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The Channels TV reported that the disbursed amount comprised 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 N379.41 billion, and local governments received N278.04 billion in February 2024.

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