President Muhammadu Buhari has approved Anambra State as an oil producing state, thereby qualifying it for sharing in the 13 percent derivation revenue for minerals-producing states in the country. The approval was conveyed via a letter signed by the president’s Chief of Staff, Professor Ibrahim Gambari, to Governor Willie Obiano of Anambra State in response […]
Tag: 13% Derivation Formula for Oil Producing States
FG, Others Shared N682.060Bn In August – FAAC
The Federation Accounts Allocation Committee (FAAC) yesterday at the end of its virtual meeting disclosed that the three tiers of government shared a total sum of N682.060 billion from the federation account as their allocations for the month of August 2020. Out of the sum, inclusive cost of collection to NCS, DPR and FIRS, the […]
President Buhari Mulls Review Of 13% Derivation Formula
President Muhammadu Buhari on Friday assured that his administration may consider the review of the 13 per cent derivation formula constitutionally provided for oil producing states in order to reduce agitations in the Niger Delta region ensure socio-economic wellbeing of the people. The President’s promise was given when the Isoko Traditional Rulers and personalities led […]