The Edo State government, on Wednesday, November 23, reacted to the controversy trailing the alleged release of trillions of naira out of the arrears owing the state from the country’s 13 percent derivation formula, saying it has only received N2.1 billion out of the N28billion due to the state.

The state’s Commissioner for Finance, Budget, and Economic Planning, Joseph Eboigbe, stated this in a chat with journalists in Benin City, Vanguard reported.

The Edo State Government insisted that it received only N2.1 billion out of the expected N28 billion which is its share from the 13% oil derivation paid by the Federal Government to oil-producing state in the country, The Nigerian Tribune added.

He said:

“It was the Commissioners of Finance in Nigeria under the aegis of FAAC, especially those from the oil producing states that spotted the fact that there was an anomaly in respect of the Federal Government spending money from crude oil and gas sales and not taking out derivation.

“So, the work was done and a total of about N1trillion was established as due to the oil-producing states, it went through the whole process and the FEC approved it and a methodology for repayment as approved by RMFAC and they now agreed on what would be due to each state.

“Edo State’s share of that figure was N28 billion. What was also approved was the way and manner this money would get to the states. The net amount that will come to each state over five years; each year, you will have quarterly remittance which means four releases each year over five years.”
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