Nigeria: RMAFC Okays Escrow Account for Akwa Ibom, Rivers

10 May 2011

The Revenue Mobilization Allocation and Fiscal Commission, RMAFC, yesterday, ordered that the monthly allocation, including the 13 percent Derivation Fund for Akwa Ibom and Rivers State be put in an escrow account pending the resolution of the dispute over the location of the 172 oil wells in the region.

The Commission's position came at the end of its 53rd Plenary Session held in Abuja, where it decided among others, that "the amount due to Akwa Ibom and Rivers States for the months of February 2011 from the disputed areas in which the 172 oil wells are located be put into the escrow account," pending the time the Inter-Agency Technical Committee on the Implementation of the Supreme Court judgment completes its assignment.

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