Oil-producing states received a total of approximately N85 billion in February 2024 as part of the 13% derivative fund from oil and gas revenue, marking a significant increase from the roughly N58 billion allocated in January 2024. This data was sourced from the National Bureau of Statistics (NBS).
According to the NBS, Nigeria’s revenue-sharing formula mandates that nine oil-producing states, namely Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Imo, Edo, Ondo, and Rivers, receive 13% of oil revenue as derivative funds.
This development follows information provided by the NBS indicating that the Federation Account Allocation Committee (FAAC) disbursed a total of N2.07 trillion to the three tiers of government in February 2024, derived from revenue generated in January 2024.
The disbursement comprised N1.15 trillion from the Statutory Account, N479 billion from Exchange Gain, N16.59 million from Electronic Money Transfer Levy, and N420.73 billion from Value Added Tax.
According to the NBS, the federal government received a total of N407.27 billion, state governments received N379.41 billion, and local governments received N278.04 billion in February 2024.