Oil-Producing States reap N75.410 billion in November as 13% derivation share

In November 2023, the nine oil-producing states in Nigeria enjoyed a substantial windfall of N75.410 billion, constituting 13 percent of the mineral revenue totaling N1.620 trillion that accrued to the Federation Account Allocation Committee (FAAC). The FAAC revealed these figures in a recent communique over the weekend, underscoring that, in addition to the 13 percent mineral revenue, the federal, state, and local governments collectively received N1.088.783 trillion in revenue for the same period.

Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Imo, Edo, Ondo, and Rivers are among the states entitled to the 13 percent oil revenue derivation, as per Nigeria’s revenue-sharing formula.

The FAAC statement affirmed, “A total sum of N75.410 billion (13 percent of mineral revenue) was shared with the benefiting states as derivation revenue.” This marked a significant surge from the amount disbursed in August 2023, which stood at N12.324 billion.

Providing additional context, FAAC disclosed that the country’s Excess Crude Account maintained a balance of 473.754 million dollars.

In light of these fiscal developments, Bayo Onanuga, the Special Adviser to the President on Information and Strategy, emphasized that state governors in Nigeria have ample resources at their disposal, pointing to the substantial revenue allocations as a basis for their ability to meet governance responsibilities.