Nine Oil-Producing States Share N341bn Derivation Funds In Six Months – NBS

The nine oil-producing states in Nigeria shared a total of N341.59 billion from the federation account through the 13 percent derivation formula in the first half of 2024, according to data from the National Bureau of Statistics (NBS).

The states that received the funds are Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo, and Rivers. Delta received the highest allocation, totaling N113.78 billion, representing 33 percent of the total disbursement. Akwa Ibom followed closely with N70.01 billion, or 20 percent of the total disbursement.

Despite receiving these funds, the oil-producing states continue to face significant debt and poor infrastructure conditions.

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According to the Debt Management Office (DMO), Edo had the highest debt stock of N490.67 billion as of Q1 2024, followed by Delta with N413.75 billion and Rivers with N340.25 billion.

Edwin Clark, an Ijaw national leader and convener of the Pan-Niger Delta Forum (PANDEF), has criticized the management of the 13 percent derivation funds, alleging that they have been mismanaged. He described the Delta state government’s handling of the funds as a “reign of unaccountability”.