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Kogi State To Enjoy 13% Derivation As Soon As Oil Exploration Commences

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The Chairman of the Revenue Mobilization Allocation and Fiscal Commission, Elias Mbam, says Kogi State will soon smile at the bank when the Federal Government commences oil exploration in the recently discovered oil wells in the Ibaji area of the state.

Speaking to reporters on the sideline of the Zonal Public Hearing for the review of the current revenue allocation for Northcentral states, Mbam said the state should explore more revenue alternatives from its abundant minerals.

States with natural resources available in commercial quantity for national use have revenue advantage over other states and with the discovery of oil in parts of Ibaji in Kogi State, the Chairman of the Revenue Mobilization Allocation and Fiscal Commission said Kogi State is on the verge of smiling to the bank with proceeds from oil production.

Kogi State Commissioner for Finance, Budget, and Economic Planning, Asiwaju Idris, on his part, is hopeful that the state will better address workers’ demand when the review of revenue allocation comes to reality.

With numerous solid mineral deposits available in commercial quantity in Kogi State, the state waits in joyful hope for the commencement of oil exploration which will provide employment for its citizens and boost the economic status of the confluence state through increased allocation and other investments.

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