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HomeOil Producing States Receive N22.64bn 13% Derivation RevenueOil Producing States Receive N22.64bn 13% Derivation Revenue

Oil Producing States Receive N22.64bn 13% Derivation Revenue

The 10 oil producing states in the country received N22.64 billion as 13 per cent derivation funds for the month of April 2017.

This is part of the money accrued by the Federal Government during the month and was shared among the federal, states and local governments just recently.

Overall, a total of N415.730 billion was distributed as Federal Allocation for the month of April by the three tiers of government.

Gross statutory revenue received by the Federal Government for the month was N248. 110 billion, which is lower than the N331.583 billion received in the previous month by N54.473 billion.

The shared amount comprised the month’s Statutory distributable revenue of N272.115 billion, Value Added Tax of N81.286 billion, Exchange gain of N38.517 billion and Excess PPT Account of N20.425 billion.

There was also an N6.330 billion refund to the Federal Government by Nigerian National Petroleum Corporation, NNPC.

Accordingly, from Net Statutory Allocation, the Federal Government received N124.444 billion representing (52.68%); States received N63.119 billion (26.72%); Local Government Councils received N48.662 billion, representing (20.60%); while the Oil Producing States received N22.640 billion as 13% derivation revenue.

Source: Sweetcrude Reports

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