Home Economy Abia seeks RMAFC’s intervention on contentious oil wells

Abia seeks RMAFC’s intervention on contentious oil wells

by Business News Report

Deputy Governor of Abia State Nigeria; Mr Emeka Ananaba has called on the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) to resolve the disputed oil wells between the state and Rivers. Ananaba made the call in Abuja when he visited the Chairman of the commission, Mr Elias Mbam, in his office. He claimed that Rivers was reaping from oil wells belonging to his state, and denying the state the benefits of the 13 per cent derivation.
Ananaba also enlisted the commission’s support to assist the state to access the Natural Resources Development Fund. The Federal Government has earmarked 1.68 per cent of the Federation Account Allocation for natural resources fund. The deputy governor said Abia needed the fund to develop its agricultural sector as part of its bid to diversify its sources of revenue. Mbam noted that beyond the oil resources, Abia had a lot of potential to diversify its economy.

Related Posts

Leave a Comment