Derivation Funds: Nigeria FG Allocated N1.98 trillion To States.

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As part of the 13% backlog in oil derivation payments to oil-producing states, the Federal Government has paid out a total of N1.98 trillion.

Despite some of the funds being from before the current administration, the total was paid in seven years. “We have distributed N1.98 trillion in funds to oil-producing states over the past seven years” -Minister of Finance.

The 13% derivation fund had been a contentious issue following remarks by Nyesom Wike, the governor of Rivers State, who claimed that the oil-producing states had refused to disclose their share of the 13% derivation arrears paid by the Federal Government from 1999 to all the Niger Delta States.

Punch.

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