• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Politics

Buhari says he approved N1.7 trillion payment to 9 oil-producing states

9 states have been paid N625.43 billion

Chike OlisahbyChike Olisah
6 months ago
in Politics
Buhari renames 15 airports after Awolowo, Okadigbo, Idiagbon, and others
Share on FacebookShare on TwitterShare on Linkedin

President Muhammadu Buhari has revealed that he approved a total payment of N1.7 trillion to 9 oil-producing states as 13% oil derivation subsidy and SURE-P refunds owed them by the federal government.

It also stated that these 9 states have been paid N625.43 billion as 13% derivation fund, subsidy, and SURE-P refunds from the federation account in the last 2 years.

This disclosure is contained in a statement on Friday, December 2, on President Muhammadu Buhari’s official Twitter account, where he listed the states to have received the refunds dating from 1999 to 2021 including Abia, Akwa-Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo, and Rivers.

According to reports, Abia State received N1.1billion, Akwa-Ibom – N15bn, Bayelsa – N1.6 billion, Cross River – 432 million, Delta – N14.8 billion, Edo – N2.2 billion, Imo – N2.9billion, Ondo – N3.7billion and Rivers – N12.8 billion.

Approved for 9 oil-producing states: President Muhammadu Buhari’s tweet reads,

  • ‘’I have approved payments totaling N1.7 trillion to 9 oil-producing states as refunds owed them by the Nigerian Government. As a matter of honor, all debts owed to states must be paid, regardless of political affiliation. N625B has been paid so far; the balance will be paid in due course.
  • ‘’The benefiting states are Abia, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo, and Rivers; and the payments are refunds for 13 percent oil derivation, Subsidy, and SURE-P, covering the period between 1999 and 2021.’’

Mode of payment: The presidential spokesman, Garba Shehu, in a statement noted that the states were paid in 8 installments between October 2, 2021, and January 11, 2022, while the ninth to 12th installments are still outstanding.

He recalled data obtained from the Federation Account Department, Office of the Accountant General of the Federation, which it said showed that a total of N477.2 billion was released to the nine states as a refund of the 13% derivation fund on withdrawal from Excess Crude Account (ECA), without deducting derivation from 2004 to 2019, leaving an outstanding balance of N287.04 billion.

Shehu said states also got N64.8 billion as a refund of the 13% derivation fund on deductions made by Nigeria National Petroleum Company Limited without payment of derivation to Oil Producing states from 1999.

He further stated that the benefitting states still have an outstanding balance of N860.59 billion from the refunds, which he said was approved by President Muhammadu Buhari.

In case you missed it: Recall that about 2 weeks ago, the Rivers State governor, Nyesom Wike, challenged his counterparts in the Niger Delta zone to account for the huge sums of monies received by them as a backlog for the 13% oil derivation since 1999, which was approved and paid by President Muhammadu Buhari.

Wike said that while he can point to the projects executed by his administration with the monies in Rivers, some of his colleagues cannot show any proof.

Tags: President Muhammadu BuhariSURE-P

Leave a Reply Cancel reply

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

hfm
UBA
Mega Millions
Mega Millions
fidelity banner
HFM







NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • SEC collaborating with SON to develop standards for commodities-Yuguda
  • Quicktake: Africa needs to take advantage of its carbon markets – AFC President  
  • Analysis: Developing countries need well designed electricity markets for EV services – World Bank

Follow us on social media:

Recent News

SEC collaborating with SON to develop standards for commodities-Yuguda

SEC collaborating with SON to develop standards for commodities-Yuguda

June 6, 2023
Quicktake: Africa needs to take advantage of its carbon markets – AFC President  

Quicktake: Africa needs to take advantage of its carbon markets – AFC President  

June 6, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

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

Log In