Despite receiving the sum of N169.79 billion from the Oil Derivation Fund in 2022 via the 13% derivation formula, Rivers State has been listed as the second most indebted state by the Debt Management Office with Delta topping the list.
Information from the National Bureau of Statistics (NBS) reveals that Abia, Akwa Ibom, Bayelsa, Delta, Edo, Imo and Ondo also received the fund.
The nine oil-producing states shared a total of N970 billion from the federal account via the 13% derivation formula.Delta State got the highest allocation totalling N296.20 billion, representing 31% of the total revenue from the derivation account while Bayelsa received N188.02 billion, Edo: N37.49 billion Ondo: N25.95 billion, Imo: N18.61 billion, Abia: N6.95 billion and Anambra: N4.25 billion.
The derivation fund differs from the three per cent provided for the host communities in the new Petroleum Industry Act (PIA) from the oil company’s expenses known as OPEX.
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