Monday, 12 November 2012

Seven states to refund N17.5 billion to Rivers State

Seven states have been ordered by the Federal Government to refund N17.5 billion to Rivers State. The amount, it was learnt, represents the sum the affected states, namely Akwa Ibom, Delta, Bayelsa, Imo, Edo, Abia and Ondo had received as part of their 13 percent derivation revenue from two oil wells, which the Rivers State Government had successfully proved belong to it.
The Federal Government ordered the refund to Rivers State, following a protest by the state that its revenue from the affected oil wells located in respect of Nda and Okwori oil fields with effect from 2007 had been shared to oil producing states by the Federal Government. In response to the directive, Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, wrote the Accountant General of the Federation, Mr. J.O Otunla on January 17, 2012, to effect the reduction of the money from the allocations of the seven states with immediate effect.

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