RMAFC Launches Oil Well Re-verification for Fair Fund Distribution
The Federal Government of Nigeria has initiated a re-verification process of oil and gas wells to ensure equitable distribution of the 13% derivation fund among oil-producing states. This move follows the inauguration of the reconstituted Inter-Agency Technical Committee (IATC) by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on September 19, 2026.
The committee's mandate includes verifying disputed and newly drilled oil and gas wells from 2017 onwards, aiming to enhance fiscal transparency and equitable revenue allocation. Dr. Mohammed Bello Shehu, Chairman of RMAFC, stated that this verification aligns with the Commission's constitutional responsibilities regarding revenue monitoring.
The exercise will establish accurate technical records necessary for determining which oil and gas wells qualify for derivation revenue allocation. A two-tier governance structure has been implemented to separate technical verification from strategic oversight.
The RMAFC will also support the committee with security and administrative clearances during field operations.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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