The Federation Accounts Allocation Committee (FAAC) disclosed that from a total N1.620 trillion accrued in November, Nigeria’s nine oil producing states received N75.4 billion as 13% mineral revenue derivation funds.
FAAC stated in a communique that outside the 13% earnings, federal, state and local governments got N1.088 trillion in November revenues.
Per the revenue sharing arrangement, the nine states including Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Imo, Edo, Ondo and Rivers are entitled to 13% of oil proceeds.
“A total sum of N75.410 billion (13 per cent of mineral revenue) was shared with the benefiting States as derivation revenue,” FAAC revealed.
This marks a huge increase from the N12.324 billion received in August by the oil states. FAAC also reported the Excess Crude Account balance at $473.754 million.
As a presidential aide said, the substantial allocations mean “state governors in Nigeria have no reason to fail.” The mineral revenues aim to promote development in resource-rich regions.