We’ve received only N2.1bn as oil derivation fund~ Says Edo govt
The Edo State Government has said it has received only N2.1 billion from the N28bn that accrued to the state as 13 percent oil derivation fund for oil producing states. Edo State Commissioner for Budget and Finance, Mr. Joseph Eboigbe, disclosed this while briefing journalists after the weekly Executive Council (EXCO) meeting chaired by Governor Godwin Obaseki, at the Government House in Benin City. The Commissioner noted that N1 trillion was established for oil producing states and a distribution methodology was adopted by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), adding that N28bn accrued to the state and will be paid in 5 years of 20 tranches. He said, “The net amount will come to each state for over five years in 20 tranches. Each year, you will have quarterly remittances, which is four releases each year for over five years. Due to some court cases from some states, the releases started this year October 2022. “The Edo State Government got three tranches o...