Cross River's Oil Revenue Hopes Restored by New Report

The Inter-Agency Technical Committee (IATC) has submitted a report to the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), which recommends that Cross River State should receive a 13% derivation revenue from 119 crude oil wells attributed to it but currently benefiting Akwa Ibom State. This recommendation aims to refund Cross River State for the economic losses it has suffered since the ceding of the Bakassi Peninsula to Cameroon on August 14, 2008.

Governor Bassey Otu of Cross River has called for the restoration of the state's economic rights, highlighting the immense suffering of its people due to the loss of oil assets. The report, submitted in February 2026, counters the belief that Cross River lost its littoral status.

RMAFC Chairman Moham Shehu has indicated that the report will be reviewed before being transmitted to President Bola Tinubu. Both states have held meetings to resolve the dispute amicably, with the potential for political implications ahead of the 2027 elections.