Oil & Gas

13% Derivative Fund: Oil-producing states received N85.10bn in February – NBS

The Federal government disbursed N85.10billion to nine oil-producing states as the 13 per cent derivative from oil and gas revenue in February 2024, according to the National Bureau of Statistics (NBS).


The NBS in its report highlighting the Federation Account Allocation Committee (FAAC), February 2024 disbursement, stated that the amount increased from about N58billion shared in January 2024.


The nine oil-producing states include: Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Imo, Edo, Ondo, and Rivers, receive 13 per cent as oil revenue derivative.


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