N186bn Oil Derivation Backlog Received So Far – Akwa Ibom Govt

The Akwa Ibom State Government has declared only N186 billion as the amount so far received from the Federal Government as the state’s share of the 13% oil derivation backlog paid to oil-producing state in the country.

The state Commissioner for Finance, Linus Nkan made the disclosure at a press conference in Uyo, the state capital.

The Akwa Ibom State Government said that only N186 billion has so far been received by the state government.

Nkan presented the government’s position to journalists in Uyo. He explained that even though the Federation Account Allocation Committee (FAAC) agreed with the very detailed submission and calculated the sums accruing to the states, it was agreed that the payments be made in tranches quarterly, over a period of five years, due to the large amount involved and the inability of the federal government to pay all at once.

Flanked by the Commissioners for Information, Ini Ememobong, his counterpart in the Ministry of Works, Eno Ibanga, and the Chief Press Secretary to the Governor, Ekerete Udoh, Nkan further assured the people of the avowed commitment of the Udom Emmanuel administration to ensure judicious and justifiable application of scarce resources to provide for the needs of the people.