Nigerian Oil States Receive N620bn with 100% Revenue Rise
Oil-producing states in Nigeria received a total of N620 billion in five months from the Federation Account Allocation Committee, with a 100% increase in derivation revenue compared to the previous year. Nine states benefited from the 13% derivation, with Delta State leading in allocation at NXX billion, followed by Bayelsa, Akwa Ibom, and Rivers.
The funds, mandated by the 1999 Constitution, aim to support community development and offset the impact of resource exploration. Notably, states like Abia, Imo, and Anambra saw significant increases in their allocations, reflecting the importance of revenue sharing to foster growth and development in oil-rich regions.
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