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Derivation of 13 per cent: Delta received N240bn – 44.7 billion – Ocoa

The Delta state government said it has assessed N240 billion N44.7 billion due from the 13% Derivation Fund owed to the Federal Government.

This was stated by the State Commissioner for Finance, Fidelis Telegi, while briefing reporters at the Government House in Asaba.

The clarification comes on the back of Rivers State Governor Nisom Wake’s disclosure that President Muhammadu Buhari has issued 13 percent of derivative funds owed to Niger Delta states from 1999 to the present.

Wike revealed this during the commissioning of a project in Rivers while explaining where the money used to build projects in the state came from.

Wake’s revelations have led to mixed reactions from some Nigerians, especially from the Niger Delta states.

However, Telleg came out to point out that N240 billion was Delta’s share of payments approved by President Muhammadu Buhari to the nine oil-producing nations from 2004 to date.

He said the state government had initially applied for N150 billion bridging financing, which was rejected by the federal government to N100 billion from an expected N240 billion refund to meet payments for its legacy projects in the state.

“So, in a way, the country has been able to access and use N14.7 billion paid by the federal government and N30 billion bridging funding to pay for ongoing projects,” he said.

He further explained that the total amount owed to Delta in respect of rebates was 240 billion naira and that the Federal Government had agreed to pay the money quarterly within five years. (nan)

Derivation of 13 per cent: Delta received N240bn – 44.7 billion – Ocoa

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