ADVERTISEMENT
  • Contact Us
  • Articles
  • Nollywood Snippets
  • Romance
  • Special Report
  • US This Week
  • Brain Teasers
  • Music Gists
  • From The NGOs
  • Advertisement
  • Privacy Policy
DGovScoops
  • Home
  • Politics
  • Business
  • Nation
  • World
  • Sports
  • Tech
  • Entertainment
No Result
View All Result
  • Home
  • Politics
  • Business
  • Nation
  • World
  • Sports
  • Tech
  • Entertainment
No Result
View All Result
DGovScoops
No Result
View All Result
Home Business

Oil-producing states receive N448 billion in 2021

dgovscoops by dgovscoops
March 2, 2022
in Business
0 0
0
JUST IN: NUPENG SUSPENDS STRIKE
0
SHARES
20
VIEWS
Share on FacebookShare on Twitter
">
ADVERTISEMENT

By Josephine Issac

Oil-producing states in Nigeria received N448.67 billion as part of their 13% oil derivatives for the year 2021, representing a 5.8% increase compared to N424 billion shared in the previous year.
This is according to analysis of data culled from the monthly FAAC report, released by the National Bureau of Statistics (NBS).
According to the report, Delta State received the highest amount, with N141.93 billion, which accounts for 31.6% of the total amount shared in the period under review.
On the flip side, Lagos State received the lowest in terms of oil derivatives, accounting for just 0.8% of the total amount disbursed.
A cursory look at the historical shows that despite the increase in 2021, the amount shared in the review year was way below the N552.5 billion and N536.3 billion shared in 2018 and 2019 respectively.
Delta State received the lion’s share in the review year with N141.93 billion, representing an 8.7% increase compared to N130.57 billion received in the previous year.
Akwa Ibom followed with N91.16 billion, accounting for 20.3% of the total amount disbursed, while it represents a 3.9% decrease compared to N94.82 billion received in the preceding year.
Bayelsa State received a sum of N87.23 billion, which accounts for 19.4% of the total amount shared to the states.
Bayelsa’s collection in the period increased by 7.8% in contrast to the N80.95 billion received in 2020.
Others on the list include Rivers State (N83.12 billion), Edo State (N15.48 billion), Ondo State (N11.5 billion), Imo State (N9.14 billion), Abia (N4.78 billion), Lagos State (N3.78 billion).
It is worth noting that Suko also received a sum of N548.05 million in the review period, being the first time, the Gombe State region is earning from oil derivatives.
Recall that Gombe State signed a Memorandum of Understanding with Rift Oil and Petroleum Company in September 2021 for the exploration of petroleum products in the state.
Anambra State is set to join the list of states who earns 13% oil derivatives with effect from March 2022, as part of its benefits as an oil-producing state.
This was announced by the governor of the state, Willie Obiano while addressing members of the press after a tour of the Awka International Convention Centre and Anambra Cargo and passenger airport.
According to the governor, he was informed by the Nigeria Midstream and Downstream Pricing and Regulatory Agency (NMDPRA) who confirmed the lifting of crude oil in commercial quantity in the state.
The announcement is coming 10 years after Orient Petroleum struck crude oil in the state.

The state had been placed on what was described in the oil and gas industry as strategic reserve despite having abundance of crude oil and gas.
However, with continuous exploration being carried out in the state in commercial capacity, the state is set to start receiving from the 13% oil derivatives by March this year.
However, despite being oil blessed and receiving extra collections from the Federation Account Allocation Committee (FAAC), the oil producing states still account for a huge chunk of Nigeria’s domestic debts.
A deep dive into the numbers from the Debt Management Office (DMO) shows that the 9 states accounted for 41% of the states’ domestic debts as of September 2021, with Lagos State owing the highest (N532.12 billion).
The commercial hub of Nigeria, Lagos accounts for 13% of the total N4.19 billion domestic debts owed by the 36 states, including the federal capital.
Lagos State saw its domestic debt profile increase by N23.34 billion between January and September 2021.
In terms of external debts, Lagos owes a stunning $1.41 billion as of the end of 2020.
Similarly, Akwa Ibom has a domestic debt stock of N234.85 billion as of the same period, representing 6% of the total domestic debts, having acquired N4.04 billion new domestic loans between January and September 2021.
Meanwhile, six of the 9 states on the list make the top 10 list with the highest internally generated revenue (IGR) in the first half of 2021.
Between January and June 2021, Lagos generated a sum of N267.23 billion internally, Rivers (N57.32 billion), Delta (N41.93 billion), Oyo (N25.19 billion), Akwa Ibom (N18.09 billion), Ondo (N17.91 billion), and Edo State with N17.64 billion

Share this:

  • Twitter
  • Facebook
  • WhatsApp
  • LinkedIn
  • Telegram
  • Print

Related

">
  • Trending
  • Comments
  • Latest
BREAKING NEWS: BIDEN APPOINTS KOGI-BORN FEMALE INTO HIS CABINET

BREAKING NEWS: BIDEN APPOINTS KOGI-BORN FEMALE INTO HIS CABINET

January 13, 2021
Oba of Benin finally opens up, Advises on the candidate to vote for in the forthcoming Edo Governorship Election

Oba of Benin finally opens up, Advises on the candidate to vote for in the forthcoming Edo Governorship Election

August 28, 2020
An Apprentice At Chucks Supermarket Paid us to Kill the Owner- Suspect

An Apprentice At Chucks Supermarket Paid us to Kill the Owner- Suspect

July 29, 2020

Breaking News: Isanlu Robbery: Police Arrests Suspects

June 18, 2020
Publisher’s Comment

Publisher’s Comment

2
Breaking News: Tribunal Dismisses PDP’s Petition, affirms Bello of the APC as Governor

Breaking News: Tribunal Dismisses PDP’s Petition, affirms Bello of the APC as Governor

1
COVID-19: INEC to receive names of Edo, Ondo guber candidates online, says e-voting will begin in 2021

COVID-19: INEC to receive names of Edo, Ondo guber candidates online, says e-voting will begin in 2021

1
Governors reject Buhari’s order on state legislature, judiciary

Governors reject Buhari’s order on state legislature, judiciary

1
Femi Adesina: Nigerians Lucky To Have President Like Buhari

OPINION: AND GOD DECIDED TO SHOW UP BY FEMI ADESINA

May 27, 2022
2023: Peter Obi Dumps PDP

2023: Peter Obi Dumps PDP

May 25, 2022
Breaking News: FG Extends Sim Card NIN Registration

“NCC Committed to Promoting Organizational Efficiency, Capacity Building” – Danbatta

May 25, 2022
I Stayed Back In Dubai For Three Months When Tonto Dike Was Arrested With Marijuana‐Bobrisky

I Stayed Back In Dubai For Three Months When Tonto Dike Was Arrested With Marijuana‐Bobrisky

May 24, 2022

Recent News

Femi Adesina: Nigerians Lucky To Have President Like Buhari

OPINION: AND GOD DECIDED TO SHOW UP BY FEMI ADESINA

May 27, 2022
2023: Peter Obi Dumps PDP

2023: Peter Obi Dumps PDP

May 25, 2022
Breaking News: FG Extends Sim Card NIN Registration

“NCC Committed to Promoting Organizational Efficiency, Capacity Building” – Danbatta

May 25, 2022
I Stayed Back In Dubai For Three Months When Tonto Dike Was Arrested With Marijuana‐Bobrisky

I Stayed Back In Dubai For Three Months When Tonto Dike Was Arrested With Marijuana‐Bobrisky

May 24, 2022
DGovScoops

Dear readers, welcome to the fresh soothing world of exclusive scoops from the No1 exclusive story merchants of the industry. We are poised to exercise our mandate as "watchdog of the society" with all sense of patriotism and responsibility.

Browse by Category

  • Articles
  • Brain Teasers
  • Breaking News
  • Business
  • Crime
  • Education
  • Entertainment
  • From The NGOs
  • Health
  • Latest News
  • Lifestyle
  • Music Gists
  • Nation
  • Nollywood Snippets
  • Politics
  • Romance
  • Special Report
  • Sports
  • Tech
  • US This Week
  • World

Recent News

Femi Adesina: Nigerians Lucky To Have President Like Buhari

OPINION: AND GOD DECIDED TO SHOW UP BY FEMI ADESINA

May 27, 2022
2023: Peter Obi Dumps PDP

2023: Peter Obi Dumps PDP

May 25, 2022
  • Contact Us
  • Articles
  • Nollywood Snippets
  • Romance
  • Special Report
  • US This Week
  • Brain Teasers
  • Music Gists
  • From The NGOs
  • Advertisement
  • Privacy Policy

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

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
21