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Nine oil-producing states get N12.3bn 13% derivation fund in August – FAAC

The Federation Account Allocation Committee, FAAC, says the nine oil-producing states in Nigeria shared N12.324 billion as 13 per cent derivation revenue in August.

FAAC disclosed this in a communique released on Friday.

The nine oil-producing states include Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Imo, Edo, Ondo and Rivers.

“The sum of N12.027 billion (13 per cent of mineral revenue) and N0.296 billion (13 per cent of savings from NNPCL) went to the relevant states as derivation revenue,” FAAC’s communique stated.

DAILY POST gathered that 13 per cent of derivation fund comes from the Federation Account to oil-producing communities, according to Section 162,(2) of the Nigerian Constitution.

According to the National Bureau of Statistics, in 2022 alone, the nine oil-producing states shared N970.20 billion from the Federation Account through the 13 per cent derivation formula.

DAILY POST reports that the federal, states and local government councils shared N1.1 trillion in revenue in August from FAAC.