3 May 2009

Nigeria: Akwa Ibom Overtakes Rivers As Richest Oil State

After many years of being the highest recipient from the Federation Account, Rivers State has been displaced from its position by Akwa Ibom State in the table of distribution at the meeting of the Federation Account Allocation Committee in April 2009. The table of the disbursement reveals that Akwa Ibom received the highest amount (N9.1bn) amongst the oil producing states, followed by Rivers, N8.9bn, Delta, N8.2bn and Bayelsa, N4.2bn, the Economic Confidential reported on its website.

Ondo, Edo and Cross River , though among oil producing states, their allocations are not much different from non-oil states as they shared N3.8bn, 3bn and N2.2bn respectively. The major factor for the new changes may not be unconnected with disruptions of oil production by militants in some states and the forfeiture of Bakassi, oil-rich Peninsula to Cameroon from Cross River State .

Some of the non-oil states are even richer than those in Niger Delta region with Lagos receiving N7.5bn, Kano, 5.2bn, Katsina, N3.9bn, Oyo N3.7bn, Kaduna, N3.5bn and even Jigawa and Osun States, 3billion in bracket.

The lowest recipients in the table of distribution are Gombe N2bn, Nasarawa N2.1bn, Ebonyi N2.1bn and Ekiti N2.1bn. Other disbursements in April 2009 are: Federal 98bn, FCT Councils, N824million, Nigerian Customs Service (NCS), N1.5bn, and Federal Inland Revenue Service (FIRS), N2.3bn.

A total of N206bn from the Excess Crude Account was distributed for the month of April. The report indicates that a distribution of N119,090,314,931.27 from Excess Crude Proceeds were made being difference bet-ween Budget and Actual in January and February 2009, while another distribution of the Sum of N85,203,891,327.78 from Ex-cess Crude Proceeds was the difference between Budget and Actual in March 2009.

All the allocations were made in April 2009 in addition to the traditional monthly disbursements of statutory revenue from the Federation and VAT proceeds.

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