EDO STATE 28BILLION NAIRA OIL SHARE.


The Commissioner Of Finance in conjunction with Special Adviser Chris Neikhare and Cruseo Osagie, Special Adviser on Media and Projects to Edo State Governor, His Excellency Godwin Nogheghase Obaseki spoke to Newsmen, yesterday, on the supposed 28Billion Naira allocated to Edo State Treasury by the Federal Government from Oil derivation Formula.


While making clarity, Finance Commissioner Mr. Joseph Eboigbe said only 2.1Billion from the supposed 28Billion oil derivatives which was speculated by commissioners of Finances in neighboring oil states were remitted.


He added that these Commissioners that spotted the irregularities within the  13% derivatives disbursed  among oil producing states, are under the protection of FAAC, and that there was a repayment plan of arrears to be paid in every five years, which would be paid in four installments, annually. 


He further added that Edo state Government has been paid in three installments, 700million each, amounting to a total of 2.1Billion by October, after three quarters of payment.


“Edo State’s share of that figure was 28Billion. 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 will have quarterly remittance which means four releases each year over Five years span “.


WHEN ASKED WHAT THE STATE GOVERNMENT WILL DO WITH THE MONEY;


Special Adviser, Chris Nahikhare said the money allocated has been part of Edo State Government resources expenditures.


“… you’ll agree with me that we have people who have religiously used these resources. Well are not a rich state, but we are rich in human capital development, we are rich in people who are able to manage our resources in such a way that we are able to get the major benefits.” His word.

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