• About
  • Advertise
  • Contact
Saturday, May 31, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home National

13pct Derivation – We Disbursed N1.98trillion To Oil Producing States In 7yrs – FG

Vital News by Vital News
December 2, 2022
in National, Oil & Gas
0
13pct Derivation – We Disbursed N1.98trillion To Oil Producing States In 7yrs – FG
Share on FacebookShare on Twitter

Abuja – The Minister of finance and budget planning, Zainab Ahmed, says the Federal Government has disbursed N1.98trillion as backlog payments to oil producing states as share of their 13 per cent oil derivation.

The Minister made the disclosure at the sixth edition of the President Muhammadu Buhari administration scorecard (2015-2023) in Abuja on Thursday.

According to Ahmed, the amount was paid in seven years, despite some of the funds preceding the current administration.

The 13 per cent derivation fund recently resurfaced after Governor Nyesom Wike of Rivers State alleged that the oil-producing states have refused to disclose their share of the derivation arrears paid by the Federal Government from 1999 to all the Niger Delta states.

“One of the key functions of the Ministry of Finance Budget and National Planning is to support the states.

RelatedStories

President Bola Tinubu Issues Executive Order On Cost Efficiency In Oil And Gas Sector

Nigeria To Host 2025 West Africa Economic Summit

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

May 29 : Ododo Lauds President Tinubu’s Courage, Resilience, Inspiring Leadership

“We wouldn’t have been able to grow consistently without enabling the states to grow because it is a federation.

“Mr. President has been very uniquely generous in his support to states. I can say no president has provided the level of support provided to the states of the Federation.

He understands that the federating units need to work together as one to achieve the targets that he has set for the country.

So everybody goes to support sub-national governments. In seven years, we have disbursed N1.98trn in funds to oil-producing states,” She said.

On the financial health of the country, Ahmed insisted that Nigeria was not broke.

Her comment comes amid criticism of the Buhari administration for copious borrowings believed to have sapped the country’s coffers dry.

Data obtained from CBN’s website showed that the federal government’s debt through Ways and Means climbed from N17.5trn in December 2021 to N23.8trn in October 2022 —an increase of N6.3trn in 10 months.

These borrowings are currently not included in the country’s total public debt stock (federal and state governments) which currently stands at N42.84trn.

In July, the cost of servicing debt surpassed the federal government’s retained revenue by N310bn in the first four months of 2022.

Ahmed disclosed this while presenting the 2022 fiscal performance report for the period, saying that the Federal Government’s total revenue was N1.63trn, while debt service gulped N1.94trillion.

She advised that urgent action was required to address “revenue underperformance and expenditure efficiency at national and sub-national levels”.

Similarly, the President of the African Development Bank (AfDB), Akinwumi Adesina, in his analysis of Nigeria’s debt profile, said the external debt levels stand at N16.61trn or $40bn.

He concluded that “Nigeria needs help to tackle this debt burden”.

But during her presentation of Buhari’s scorecard on Thursday, Ahmed said Nigeria has not in any way defaulted in its both domestic and foreign debt repayments, adding that the country is not opting for debt relief.

The minister noted that the country continues to disburse funds to the three tiers of government from the Federation Accounts Allocation Committee (FAAC).

She said the Federal Government has since 2015 disbursed N5.04trn to state governments, disclosing that the non-oil sector drives the country’s economy more than the oil sector owing to vandalism of infrastructure.

Ahmed further said oil production is increasing, stressing that as of October 2022, it soared to 1.4 million barrels per day.

She also said N1.7trn was released for this year’s capital projects as of September 2022

Tags: DeltaOilproducingStates
Previous Post

BPSR Unveils Programme For Retired Public Servants

Next Post

Ex-INEC Director, Ahmed Biambo Is Dead

Vital News

Vital News

RelatedStories

President Bola Tinubu Issues Executive Order On Cost Efficiency In Oil And Gas Sector
Oil & Gas

President Bola Tinubu Issues Executive Order On Cost Efficiency In Oil And Gas Sector

May 31, 2025
Tinubu, Dangote Refinery And Mele Kyari’s Sack
Business

Nigeria To Host 2025 West Africa Economic Summit

May 31, 2025
President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC
Economy

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

May 29, 2025
May 29 : Ododo Lauds President Tinubu’s Courage, Resilience, Inspiring Leadership
National

May 29 : Ododo Lauds President Tinubu’s Courage, Resilience, Inspiring Leadership

May 29, 2025
PRESIDENT BOLA TINUBU’S STATEMENT ON THE SECOND ANNIVERSARY OF HIS ADMINISTRATION ON MAY 29, 2025
National

PRESIDENT BOLA TINUBU’S STATEMENT ON THE SECOND ANNIVERSARY OF HIS ADMINISTRATION ON MAY 29, 2025

May 29, 2025
Next Post
Ex-INEC Director, Ahmed Biambo Is Dead

Ex-INEC Director, Ahmed Biambo Is Dead

Abuja-Kaduna Train Service Resumes Dec 5 – NRC

Abuja-Kaduna Train Service Resumes Dec 5 – NRC

Kaigama Backs Advocacy Against Human Trafficking

Kaigama Backs Advocacy Against Human Trafficking

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Nigeria’s Democracy Has Truly Matured, Buhari Says As He Bids Farewell To US Ambassador

2 years ago

Tinubu Appoints Chira As New Auditor -General Of The Federation

2 years ago
IITA Appoints Simeon Ehui As New D-G

IITA Appoints Simeon Ehui As New D-G

2 years ago

God will soon salvage Nigeria – Pastor Babalola

3 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN Court Dangote death drugs Economy EFCC Election elections FG Fraud gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security Senate students Tinubu
No Result
View All Result

Highlights

Nigeria To Host 2025 West Africa Economic Summit

Delta, Ogun, Bayelsa Top Medals Table As Curtain Falls On 22nd National Sports Festival

Troops Eliminate Notorious Terror Leader, Abu Fatima In Borno

Death Toll From Niger Flood Disaster Rises To 115, Many Still Missing – NSEMA

INEC Fixes July 20 And August 8, 2026 For Ekiti, Osun Governorship Elections

Kwara Community Unites Against Female Genital Mutilation, Declares Zero Tolerance

Trending

24 Kwara Students Become Hygiene Champions In Dettol, WBFA Campaign
Education

24 Kwara Students Become Hygiene Champions In Dettol, WBFA Campaign

by Vital News
May 31, 2025
0

In a move aimed at promoting lasting hygiene culture in schools and communities, 24 students in Edu...

Ademola Lookman Visits, Presents CAF Award To President Tinubu

Ademola Lookman Visits, Presents CAF Award To President Tinubu

May 31, 2025
President Bola Tinubu Issues Executive Order On Cost Efficiency In Oil And Gas Sector

President Bola Tinubu Issues Executive Order On Cost Efficiency In Oil And Gas Sector

May 31, 2025
Tinubu, Dangote Refinery And Mele Kyari’s Sack

Nigeria To Host 2025 West Africa Economic Summit

May 31, 2025
National Sports Festival Suffers Postponement Again, Now To Open May 16

Delta, Ogun, Bayelsa Top Medals Table As Curtain Falls On 22nd National Sports Festival

May 31, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • 24 Kwara Students Become Hygiene Champions In Dettol, WBFA Campaign May 31, 2025
  • Ademola Lookman Visits, Presents CAF Award To President Tinubu May 31, 2025
  • President Bola Tinubu Issues Executive Order On Cost Efficiency In Oil And Gas Sector May 31, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In