FG refunds N625.43bn to oil producing states

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Abuja, Dec. 2, 2022 – Nine oil-producing states in the country received N625.43 billion made up of 13 percent oil derivation, subsidy and SURE-P refunds from the Federation Account in two years.

Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, said this today in a statement in Abuja.

He listed the nine beneficiary states as Abia, Akwa-Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers.

The statement said that N1.1 trillion was still outstanding.

Sheu promised that the Buhari administration would continue to render equal services to all the states regardless of affiliation, saying that the acknowledgment of this by Governor Nyesom Wike of Rivers State and the others was not out of place.

He said that nine states also received N4.7 billion each, totaling N42.34 billon as refund on withdrawals for subsidy and SURE-P from 2009 to 2015.

The refund for all the states and local government councils was paid on November 10, 2022.

The federation account also paid N3.52 billion each as a refund to local government councils on withdrawals for subsidy and SURE-P from 2009 to 2015 on the same date.

The statement said N477.2 billion was released to the nine states as the refund of the 13 percent derivation fund on withdrawal from Excess Crude Account without deducting derivation from 2004 to 2019, leaving an outstanding balance of N287.04bn.

The states also got N64.8bn as a refund of the 13 per cent derivation fund on deductions made by NNPC without payment of derivation to oil producing states from 1999 to December.

Shehu said the beneficiary states still had an outstanding balance of N860.59 billionn refund which had been approved by the President Buhari. (GBN)

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