KOGI RECEIVES FIRST PAYMENT AS OIL PRODUCING STATE

The world news at six begins with the Kogi State Governor, Yahaya Bello confirming the receipt of first payment of the 13 percent derivation fund as an oil producing state.

Bello disclosed this on Wednesday at a weekly executive council meeting held 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 to the federation account.