Kogi State in North Central Nigeria has confirmed receipt of the 13 percent derivation fund as an oil producing state.
Speaking during the weekly executive council meeting, Kogi State Governor, Yahaya Bello confirmed this at the Lugard House in Lokoja.
The Revenue Mobilisation Allocation and Fiscal Commission had classified Kogi State as an oil producing state, which qualified it to receive 13 percent derivation fund from the federation account just like it’s counterpart oil producing states .
The commission however said that the state would only start to enjoy the 13 percent derivation when the Ibaji oil well starts production and contribute to the federation account.
This makes Kogi the first northern state to enjoy such privilege in the country, it is unclear however, if the oil well has commenced production.
Speaking further on the development, the state information commissioner said that it was true and expressed delight at the development.
“This means that the governor will have more funds to execute his many people-oriented projects he has started,” the commissioner explained.