The nine oil-producing states 13 per cent derivative from oil and gas revenue, rose to about N85bn in February 2024 up from the N58bn in January 2024 data on the Federation Account Allocation Committee (FAAC), February 2024 Disbursement from the National Bureau of Statistics (NBS) has shown.
According to the Bureau, this represents an increase of N27bn in the 13 per cent oil derivative.
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.
