Akwa Ibom reveals amount collected as 13% oil derivation arrears from FG

After criticism and pressure from the public, the Akwa Ibom State government has finally released figures of the 13 per cent oil derivation arrears paid to the state by the Federal Government.

The state government said it received N186billion as arrears of oil derivations for oil producing states.

Commissioner for Finance, Linus Nkan made this known while addressing journalists in Uyo on Monday.

Nkan said the state had received N160 billion as derivation arrears in 2021, while it received N26 billion by the third quarter of this year.

“In 2021, the sum of N160 billion was remitted to the state account. In 2022, the projected income from this source was N41,434,000,000, but as at Q3 (third quarter), the sum of N26 billion has been received.

“In line with proper financial records keeping and public finance transparency, the refund was reflected in the 2021 budget as ‘Other Exceptional income: 13% derivation revenue arrears’, which was revised to the tune of N193,000,000,000; in 2022 the revised provision was N41,434,000,000; in the 2023 budget, the estimate for this line item is N100,000,000,000. A simple calculation of these figures will reveal the sustainability thinking disposition that guides the governance of our state,” Nkan said.