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Kogi Receives First Payment As Oil Producing State

Posted by Thandiubani on Thu 20th Oct, 2022 - tori.ng

Bello disclosed this on Wednesday at a weekly executive council meeting held at the Lugard House in Lokoja.

 
The Kogi State Governor, Yahaya Bello has revealed that the state has received its first payment of the as an oil producing state.
 
 
Bello disclosed this on Wednesday at a weekly executive council meeting held at the Lugard House in Lokoja, saying the state has received its 13percent derivation fund.
 
The Revenue Mobilisation Allocation and Fiscal Commission had classified Kogi State as an oil producing state, which qualified it to receive 13 percent derivation fund from the federation account just like it’s counterpart oil producing states.
 
The commission however said that the state would only start to enjoy the 13 percent derivation when the Ibaji oil well starts production and contribute to to the federation account.
 
It is unclear however, if the oil well has commenced production.
 
This makes Kogi the first northern state to enjoy such privilege in the country.
 
Speaking further on the development, the state information commissioner said that it was true and expressed delight at the development.
 
“This means that the governor will have more funds to execute his many people-oriented projects he has started,” the commissioner noted.
 
When asked whether the burnt Kogi State House of Assembly would now be considered as a top priority project, the commissioner said that was left to the exco to decide when the time comes.
 
He said that there are many other on going projects in the education sector, health and many other infrastructure projects adding that there would be more funds available to execute them now.


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