Nine oil-producing states in Nigeria received N57.915 billion as 13 per cent derivative from mineral revenue in December 2023.
Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, disclosed this on Tuesday in a communique at the end of the FAAC meeting for January 2024.
The N57.915 billion 13 per cent oil derivative in December decreased from the N75.410 billion shared in November 2023.
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.
DAILY POST reports that FAAC shared N1.1 trillion to the federal government, states and local government councils as December 2023 revenue.
Nigeria’s oil-producing states receive N57.915bn as 13% oil derivative revenue – FAAC
