ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Saturday, January 16, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
FG to commence disbursement of 13 per cent derivation fund to Lagos

FG to commence disbursement of 13 per cent derivation fund to Lagos

byBen Ezeamalu
August 17, 2016
2 min read
ADVERTISEMENT

The Federal Government of Nigeria has set up a committee aimed at disbursing 13 per cent Derivation Fund to Lagos State, following the commencement of crude oil and gas exploration in the state.

Aliyu Mohammed, Chairman of the Indices and Disbursement Committee of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) stated this Wednesday during a courtesy visit to the state to verify crude oil and gas production from Aje Oil Wells.

Mr. Mohammed said the purpose of the visit was to begin disbursement of the Derivation Fund to the State in line with the constitution of the Federal Republic of Nigeria.

“It is also important to state that the commencement of oil production from Aje oil field by Yinka Folawiyo Petroleum Company Limited is the first time oil is being produced outside the Niger Delta basin and therefore of a significance in diversifying the source of crude and gas production in the country,” Mr. Mohammed said.

The 13 per cent Derivation Fund is money paid to crude oil producing states by the federal government.

Since 1999, the nine oil producing states – Akwa Ibom, Rivers, Bayelsa, Delta, Cross River, Edo, Ondo, Imo, and Abia States – have shared about N4 trillion among them.

The committee to determine the location of the Aje Oil Wells comprised of the RMAFC, Department of Petroleum Resources, Office of the Surveyor General of the Federation, and the National Boundary Commission.

Mr. Mohammed said the Technical Committee recommended that for the purpose of the Derivation Fund as spelt out under Section 162 (2) of the 1999 constitution as well as the provision of the Allocation of Revenue Act 2004, numbers 1, 2, 4 and 5 of the Aje Oil Wells fall within 200 metres isobaths and therefore should be attributed to Lagos State.

He said as a result, the Commission and members of the Inter-Agency Committee had to embark on the working visit to the Oil Wells to conclude the process.

RelatedNews

#PTJobs: Business Development Executive

Nigeria migrates all mineral titles to digital canvas expecting revenue windfalls

UPDATED: COVID-19: Police arrest, arraign popular club owner in Lagos

How bad roads, multiple taxes, extortion, others contribute to Nigeria’s food inflation – Report

Akinwunmi Ambode, the Lagos State Governor, described the visit by the committee as remarkable in the annals of the history of Lagos, adding that it signals the official step that takes the state to the final destination that makes us to become an oil producing state.

“We are very glad to receive this delegation,” Mr. Ambode said.

“We also want to thank the Federal Government, most especially President Muhammadu Buhari for making this to happen very promptly. I want to say that this has been the quickest action that has been taken by RMAFC since I have known the Commission.

Dangote adbanner 728x90_2 (1)

“I used to be a former Account General so I had a lot of transactions and relationship with the institution called RMAFC. Within a span of about 60 days of when we wrote our letter, and even before we wrote the letter, this technical committee was set up. It gladdens me to say that the institution works and is working for the good of Nigeria.”

Mr. Ambode also commended the members of the Department of the DPR and the Boundary Commission, saying that both have contributed immensely to the process of the discovery and production of crude oil in Lagos.

The governor urged other states in the federation to begin to activate the mineral deposits in their domain as a means to boost their Internally Generated Revenue (IGR).

“It would also give us revenue independence in a manner that there would be equal growth from all the nooks and corners of Nigeria,” he said.

“I am happy that RMAFC has taken this step and also to say that they should also encourage other states to engage in such activities that would allow them to be able to activate whatever mineral deposit that we have in the various states in conjunction with the Federal Government, so that we can start to diversify revenue and growth and then create a balanced growth and development for the whole country.”

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (2)
premiumtimes



PT Mag Campaign AD

Previous Post

PDP postpones convention, extends Makarfi tenure by 12 months

Next Post

Police take over Ondo APC secretariat

Ben Ezeamalu

Ben Ezeamalu

Ben Ezeamalu is an Assistant Managing Editor and the Head of Lagos Operations/Metro Editor at PREMIUM TIMES. A graduate of Microbiology from the University of Jos, Ben won the 2015 Africa Fact-Check Awards and was a runner-up in the 2014 CNN/Multichoice African Journalists of the Year. Twitter: @callmebenfigo.

More News

UNILORIN gate used to illustrate the story.

UNILORIN announces resumption dates

January 16, 2021
Chairman of Heirs Holdings, Tony Elumelu

Heirs Holdings acquires 45% of OML 17 from Shell, Total, ENI

January 15, 2021
Nigeria Stock Exchange (NSE)

NSE: Mid-cap stocks spur N19 billion gain

January 15, 2021
Shell reports falling profit amid oil price slump

UPDATED: Court moves to seize First Bank’s assets over Shell’s multimillion naira debt

January 15, 2021
Zainab Shamsuna Ahmed, Minister of Finance at #NES26 [PHOTO: @officialNESG]

Nigeria confirms plans to sell govt properties to fund 2021 budget

January 15, 2021
Nigerian Police on patrol

Police confirm killing of man by Oyo Amotekun

January 15, 2021
Next Post
APC Secretariat

Police take over Ondo APC secretariat

Simon-Lalong-Plateau

Why I am probing Jonah Jang's tenure as Plateau Governor - Lalong

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad




Advertisement






netherland biz school Advert

Zenith Advert

Heritage Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps Address Nationwide
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.