Nigeria Content Online

President inaugurates task force on education

President Goodluck
Jonathan yesterday inaugurated the presidential task team on education
to refocus and restructure the educational system in the country. This
is following a presidential stakeholders’ summit on education convened
October last year to identify the challenges facing the educational
sector.

Addressing the 30-person team, the president said they had been selected based on high integrity, competence and experience.

“It is on this regard that I have no doubt that you will handle this special assignment with total commitment,” he said.

The president who,
during the summit, had spoken on the fallen standard of education in
the country, noted that the question of meeting the country’s
educational aspirations had brought about the convening of the
stakeholders’ summit on education in October last year to identify the
challenges facing the sector.

Recommendations
from the working groups touched on issues that range from policy,
institutional arrangement and governance, funding arrangement and
resource mobilisation, legal framework, ethics and value system,
physical infrastructure and institutional facilities, teacher quality
and content, effect of sectional sentiments over quality, the role of
the community and NGOs as well as sustainability. It was also agreed
that education should henceforth occupy its central position in
national development agenda. To implement these recommendations, the
summit had agreed that the presidential task team should be constituted.

Terms of reference

Inaugurating the
team, the president said the team has the following terms of reference:
To refocus and restructure existing policies at all levels of
education, especially the concept and implementation of the 6-3-3-4
system of education. Determine the best institutional arrangement for
the management, regulation and coordination of education at all levels.
To propose a sustainable funding arrangements and transparent
management of resources for education. Examine all laws militating
against the delivery of qualitative education and proposed required
changes or amendments. The team will also examine the ethical issues in
education with steps necessary to restore ethics and values in
education at all levels as well as develop programmes and projects that
will attract talented and brilliant persons to the teaching profession
while re-training and motivating teachers. Chairman of the team, Peter
Obayan, said the group will do more than make the sky be their limit.
He added that the team will get to work immediately and make sure they
come to positive results.

Jonathan to pay unscheduled visits to ministries

Jonathan to pay unscheduled visits to ministries

President Goodluck
Jonathan will pay unscheduled visits to ministries, departments and
agencies to ascertain the level of commitment to work and the
punctuality of government officials.

Speaking shortly
after swearing-in three new Permanent Secretaries at State House
yesterday, Mr Jonathan said the Administration will no longer tolerate
absenteeism or lateness to work.

“You must have the
courage to query your errant subordinates, who do not conform to laid
down procedures or disobey the rules, so that we can have a disciplined
service”, he said. The three new Permanent Secretaries are Tunji
Olaopa, Atiku Abubakar Kigo and R. S. Jimeta.

He charged the new permanent secretaries to work hand in hand with the ministers in charge of their ministries and other staff.

“Because Nigerians
must continue to see themselves as one, we should not discriminate
against ourselves if we want to get to where we want to reach,” Mr
Jonathan said. “Do your work without bias, without sentiments. Be loyal
and show high degree of commitment to the development of this country.

“I expect you to
cooperate with your ministers because the greatest worries we have is
the problem of relationship between permanent secretaries and
ministers, ministers being political appointees but even these days the
permanent secretaries with the eight year tenure in service are semi
political appointees. We expect cooperation between ministers and
permanent secretaries that is the only way we can move forward because
without cooperation, government projects are always stalled. I will
charge you to cooperate with your ministers and work well with your
directors and other staff.”

Punish the loafers

The president noted
that one of greatest problems noticed in the civil service is the
inability of the leadership to restrain the followership.

“Sometimes the followership, for political reasons, display one attitude or the other. Please,

within this period
that I am here, there is no sacred cow. Anybody under you that is not
doing what he is suppose to do, you must take administrative measures
to correct it, that is the only way we can instil discipline in the
civil service,” he said.

Condemning the
culture of impunity where people come to work whenever they like and
decide to go on break without due process, the president said this
should no longer be tolerated.

“In this new year, I may be visiting some ministries without notice
because a situation where I’m told some people go to work by 9 a.m. and
by Thursday they have left, if they are not ready to work then they
should resign and allow others,” Mr Jonathan said. “We have so many
unemployed Nigerians who are ready to work. So, those who are too big
to work in the civil service should go to the private sector and make
the billions they want to make.”

Millions of dead fish and birds found around the world

Millions of dead fish and birds found around the world

As hundreds of dead
birds fall from the skies across the United States, about a hundred
birds again fell off in Sweden shortly before midnight on Tuesday, just
as millions of dead fish surfaced in a bay in Maryland, United States.
Similar unexplained mass fish deaths occurred in Brazil and New Zealand.

The Baltimore Sun
reports that an estimated 2 million fish were found dead in the
Chesapeake Bay in Maryland, mostly adult spot with some juvenile
croakers in the mix, as well. In New Zealand, hundreds of dead snapper
fish washed up on Coromandel Peninsula beaches, many found with their
eyes missing, The New Zealand Herald reports. However Maryland
Department of the Environment spokesperson Dawn Stoltzfus says
“cold-water stress” is believed to be the culprit.

Residents in
Falköping, southeast of Skövde, found 50 to 100 jackdaw birds on a
street further echoing the unexplained incidents that commenced earlier
in the week across the Atlantic in southern US. A Swedish county
veterinarian, Robert ter Horst believes that the birds may have been
literally scared to death by fireworks set off on Tuesday night.

“We have received
information from local residents last night. Our main theory is that
the birds were scared away because of the fireworks and landed on the
road, but couldn’t fly away from the stress and were hit by a car,” he
explained to a Swedish online news platform — The Local on Wednesday.

“We will continue
to look at whether there are other theories, but then we have to do an
autopsy on the birds. The birds just now are in a car on the way to a
laboratory in Uppsala. We don’t know exactly what happened yet, but we
will continue the investigation,” he added.

Mr Horst noted that
he has also received some reports about pigeons, but the incident has
happened too quickly to assume that it is related to the untimely
demise of the jackdaws. The site where the birds were found has now
been blocked for a veterinary inspection of the birds. Emergency
services had cordoned off the area earlier on Wednesday. Across the
Atlantic, an estimated 4,000 to 5,000 blackbirds crashed into homes,
cars and each other in central Arkansas on New Year eve. Another 500
birds were killed and littered the highway in Louisiana. Diverse
theories such as fireworks and power lines sparks have been propounded.
It’s almost certainly a coincidence the events happened within days of
each other, Louisiana’s state wildlife veterinarian Jim LaCour said on
Tuesday.

“I haven’t found anything to link the two at this point.” Anders
Wirdheim of the Swedish Ornithological Society (Sveriges ornitologiska
förening, SOF) believes the nocturnal birds were likely frightened in
the middle of the night, then flew around in the dark and collided with
various objects. Bird deaths and fish kills at smaller numbers aren’t
all that uncommon, though the size and proximity of some of the recent
events have led people to allege their relation, though officials deny
the frequency of these wildlife deaths as being anything other than
coincidence.

Ouattara plays down risk of civil war in Cote d’Ivoire

Ouattara plays down risk of civil war in Cote d’Ivoire

Military
intervention in Cote d’Ivoire need not trigger civil war, presidential
claimant Alassane Ouattara said on Wednesday, as his rival seemed to
reverse a pledge to lift a blockade on his headquarters.

Mr Ouattara said he
preferred a peaceful solution to his post-election standoff with
incumbent leader Laurent Gbagbo, but dismissed negotiations, telling
France 24 television “Mr Gbagbo must leave power to allow Cote d’Ivoire
to return to normal.”

Mr Gbagbo has
refused to cede power to Mr Ouattara, widely seen as winner of a
disputed November 28 election, despite international pressure,
sanctions and the threat of force, and he has accused world leaders of
meddling in Cote d’Ivoire’s internal affairs.

Mr Ouattara’s aides
have called for a regional West African force to make good on a threat
to kick out Mr Gbagbo if he refuses to go, but there are fears it may
not be able to attempt such action without getting bogged down in war.

“I think he will be
responsible for the situation that he will face. Military intervention
does not mean that Cote d’Ivoire will ignite,” Mr Ouattara said of his
rival, from inside the Golf Hotel, where he is under U.N. protection.

“All that needs to
be done, as has been done in other African countries, is to come and
get Mr Gbagbo and remove him from the presidential palace.” Mr Ouattara
said an offer this week by Mr Gbagbo to negotiate an end to the crisis
was just an attempt to “buy time in order to recruit mercenaries to
kill Ivoriens and smuggle money out”.

Blockade goes on

Cote d’Ivoire
security forces on Wednesday maintained a blockade of the Golf Hotel,
despite a promise by Mr Gbagbo to ease it. Mr Gbagbo’s foreign minister
Alcide Djedje told a news conference on Wednesday the blockade would
not be lifted while the 300 armed rebels loyal to Mr Ouattara remain
inside.

“That constitutes a
threat for the president. It’s a question of the soldiers of the New
Forces (rebels) leaving the hotel as a condition of lifting the
blockade,” he said.

A heavy military and police presence was still sealing off roads leading to the lagoon-side hotel on Wednesday.

“Mister, don’t try and come through here. Turn your car around and don’t argue,” a soldier wielding an AK-47 said.

Only U.N.
helicopters and supply trucks have access. Mr Gbagbo is backed by his
security forces, some Ivorien youth and militia groups, and the
Constitutional Council, which overturned Mr Ouattara’s 8-point election
win, alleging fraud.

He has refused
exile in South Africa, Nigeria and the United States. “President Gbagbo
doesn’t need to go to Washington. He’s fine where he is and he intends
to stay there,” Mr Djedje said.

U.S. Assistant Secretary of State Johnnie Carson said on Wednesday he should cede power to Mr Ouattara.

“There is no question that the election in the Cote d’Ivoire was stolen by President Gbagbo and those around him,” he said.

After efforts at
mediation by four African leaders on Monday, Mr Gbagbo agreed to
continue talks to end the crisis. But an end to the standoff seems far
off.

More than 170
people have been killed since the dispute started, rekindling divisions
in the country that have festered since the civil war of 2002-03.

Diplomats and
security sources say many of the dead are victims of death squads
operating at night in neighbourhoods where Mr Ouattara is popular, and
the U.N. says hundreds more have been kidnapped by Ivorien forces and
allied militias.

Mr Gbagbo’s camp
says these are lies meant to discredit him. Despite the political
turmoil, cocoa for export is arriving at Cote d’Ivoire’s ports in
similar quantities to last season. Cote d’Ivoire is the world’s top
cocoa grower.

The country’s
Eurobond is trading at yield of 15 percent, after it failed to meet an
interest payment on Friday, although it will only be in default after a
month’s grace period.

In a statement on
Wednesday, the U.N. mission condemned what it called human rights
violations, including a raid by security forces on Mr Ouattara’s party
headquarters on Tuesday.

That raid killed an activist and left many people wounded, including some security forces, according to state media.

REUTERS

Group says Atiku’s letter on budget ill-timed

Group says Atiku’s letter on budget ill-timed

The letter sent by
former vice president and the People’s Democratic Party presidential
aspirant, Atiku Abubakar, to President Goodluck Jonathan at the weekend
was “arrogantly insensitive to the mood of the nation and an attempt to
divert media attention from the Abuja bomb blasts which is a major
national tragedy,” a group, the National Forum for Democracy and
Economic Sustainability Initiative (NESI), has said.

In the letter, Mr
Abubakar warns that the recently unveiled budget 2011 could only worsen
the state of the nation’s economy and is predicated on consumption
without corresponding investments in critical infrastructure. The
budget, Mr Abubakar said, is “a recipe for economic disaster.”

However, in a
statement issued in Lagos yesterday, the NESI convener, Mabel Asuquo,
said though it is the right of every Nigerian to make informed inputs
on how the country is run, “the timing of that letter, and the marathon
follow-up media statement from the Atiku camp has reduced whatever the
intent of that letter was to a mere media spin.”

“It is apparent
that Mr Atiku’s campaign was not comfortable with the public outrage
that greeted the former vice president’s disappointing statement on the
Abuja bomb. His media handlers knew they needed a desperate spin and
that possibly informed the release of the so-called letter on the
budget to the media on Sunday night when the whole of the nation was
mourning the souls of the victims of the bomb blast,” Ms Asuquo said.

She said though
this is a campaign period when every politician is jostling for
attention, “it is immoral and politically reckless for an aspiring
leader to dance on the graves of innocent Nigerians cut down by
senseless criminals.”

The group however advised that the government should respond to the allegations raised by the former vice president.

NNPC to market refined products to U.S., Brazil

NNPC to market refined products to U.S., Brazil

The Nigeria National Petroleum
Corporation (NNPC) is to commence marketing of refined oil to U.S., Brazil and
other parts of the world to boost the revenue base of the corporation.

The Group Managing Director of NNPC,
Austen Oniwon, made this known to the News Agency of Nigeria (NAN) in
Brasilia on Wednesday.

Mr Oniwon said already the
Corporation, which hitherto had been exporting crude oil to the U.S., had
concluded arrangements with Brazil’s Oil company, Petrobras, toward
the realisation of this objective.

He said the NNPC had since
indicated its interest to invest in Petrobras’s plan to expand its
refinery in Texas, U.S., from 100,000 barrels to 200,000 barrels per day.

“We indicated to them our interest
to partner with the company to have an outlet into American market instead
of exporting just crude to the American market.

“We can take Nigerian crude, which
is also going into American market anyway, into this refinery,
process and sell as value added product into the American
market.

“This is something that is going to
be beneficial to NNPC and Nigeria as a country,” he said.

Mr Oniwon further told NAN that the
NNPC and Petrobras had concluded discussion to enter into a relationship in the
areas of oil exploration and production, refining and petro-chemical, oil
marketing and trading, gas and power development as well as research and
development.

He said officials of Petrobras
would be coming to Nigeria in February to sign a Memoranda of
Understanding (MOU) with the NNPC for the take off of the partnership.

“They (Petrobras) hope that we
will be able to jointly explore the vast hydro carbon deposit in Nigeria
especially in the deep offshore since the MOU is going to
embrace worldwide operations.

“As partners we will be
able to join Petrobas to operate in their businesses and share their
assets outside Nigeria,” he added.

The GMD said he hoped that the MOU
would also enable Nigeria to develop its gas sector for the smooth operation of
the various power plants being constructed in the country.

According to him, President Goodluck
Jonathan has focused on the development of power plants in Nigeria and most of
these would be driven by gas.

He, therefore, stressed the need for
Nigeria to develop its gas sub-sector, primarily for domestic consumption to
power the power sector.

Mr Oniwon also said he was
optimistic that the MOU would address the challenges of infrastructural
deficiencies in the nation’s oil and gas sector.

“We need partners because the
infrastructure that is going to deliver this gas to the various power
plants is inadequate at the moment and their provision is going to cost a lot
of money.

“But with the new government
policy whereby the cost of power has been reviewed upward, it has made
business and investments in gas project very lucrative

“We believe that Petrobras
will be eager to join with NNPC to develop the gas resources primarily for
domestic use and for export because they are also short of gas in
Brazil,” he said

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Money

Central Bank disburses N8.3 billion agric fund

Central Bank disburses N8.3 billion agric fund

The Central Bank of
Nigeria (CBN) disbursed N8.281 billion during the fourth quarter of
2010 under the Commercial Agriculture Credit Scheme (CACS).

According to data
on the Bank’s website, a total of N96.811 billion has so far been
disbursed to 86 projects/promoters and 18 state governments in the
second tranche since the scheme began in 2009. This brings the number
of beneficiaries to 104, out of 347 projects that applied to benefit
from the scheme.

The CBN in 2009 set
aside N200 billion for onward lending to farmers under the scheme
towards boosting agricultural production in the country. The balance of
CACS funds as at December, 2010 stood at N103.189 billion.

In a memorandum to
the National Economic Council, the Central Bank said that under the
second tranche, 18 state governments: Adamawa, Anambra, Bauchi, Enugu,
Gombe, Kebbi, Kogi, Imo, Kwara, Nasarawa, Niger, Ondo, Sokoto, Taraba
Zamfara, FCT, Akwa Ibom and Rivers accessed N1billion each for
on-lending to farmers’ co-operatives and other areas of agricultural
interventions in their various states.

Food security

The initiative is
expected to enhance food security, reduce cost of credit in
agricultural production, and increase output and employment in the
sector. Target commodities under the scheme include the cultivation of
target crops (rice, cassava, cotton, oil palm, wheat, rubber, sugar
cane, fruits, and vegetable); livestock (dairy, poultry, piggery); and
fisheries.

As at December,
2010, 11 banks: Access, Fidelity, First, Guaranty Trust, Oceanic, Skye,
Stanbic IBTC, Union Bank, UBA, Unity and Zenith are participating under
the scheme. UBA has the highest disbursement of N35.162 billion
followed by Zenith with N13.835 billion, Union, N10.903 billion, First
Bank, N9.135 billion and Skye Bank with N6 billion. Also, N13.934
billion, comprising N11.353 billion from UBA, N2.00 billion from Skye
Bank and N0.581 billion from GTB has been withdrawn in respect of
undisbursed funds.

Eligibility

Under the
eligibility guidelines released by the Central Bank, borrowers under
the scheme shall be a limited liability company, with asset base of not
less than N350 million, and with prospect to grow the net asset to N500
million in the next three years and comply with the provision of the
Company and Allied Matters Act (1990). This, however, is not applicable
to loans taken by state government for on-lending.

Such companies must
also have a clear business plan, provide up-to-date record on the
business operation, if any, and satisfy the entire requirement
specified by its lending bank. According to the CBN, “interest on loan
shall not exceed nine per cent, inclusive of all charges.

To ensure safety of
the funds, the banks bear the credit risk of the loans, while state
government have to sign an irrevocable standing payment order (ISPO) in
favour of the CBN to deduct at source the total amount in default from
the states on monthly basis of State revenue allocation.

Money

Investors condemn delay in naming new Exchange head

Investors condemn delay in naming new Exchange head

Some investors at
the Nigerian capital market have criticised the delay in the
appointment of a substantive head for the Nigerian Stock Exchange (NSE).

Emmanuel Ikazoboh,
the Exchange interim administrator, had last November, after 100 days
in office, said his management would name the new head of the bourse in
December while the person should resume in January.

However, on
December 31, the Exchange in a statement signed by Mr. Ikazoboh, said,
“The NSE has completed a part of the multi-stage process for the
selection of Chief Executive Officer (CEO) for the Exchange and the
name of the recommended candidate has been forwarded to the Securities
and Exchange Commission (SEC) for approval.

“The council is
currently awaiting approval of its choice from the SEC. Furthermore,
the council has reached an advanced stage in the selection process for
each of the three Executive Director positions. It is expected that
this process will be completed in January 2011. The Exchange expects
that the persons engaged for all four positions will assume duties no
later than 1 April 2011,” the statement said.

Management inconsistency

Boniface Okezie,
the national chairman of the Progressive Shareholders Association of
Nigeria, said with the new date proposed by the Exchange, “it is
obvious that the NSE and the SEC have something to hide, and it also
indicates that they have not got the candidate of their own choice.”

“Have they not seen
someone who is deemed fit to permanently head the market so that we can
move forward? If they’ve forwarded names, why are they postponing the
person’s resumption till next quarter? They said the head would be
named in December and resume in January. Now it is April. The whole
thing amount to inconsistency of the SEC and the management of the NSE
interim administrator appointed by SEC,” Mr. Okezie said.

In the meantime,
while some market watchers said the postponement will affect investors’
confidence in the market, Dimeji Akintayo, an equity analyst at
Resource Cap, a portfolio management firm, said, “The attitude of the
Exchange and its regulator must change this year to move the market
forward.”

Mr. Akintayo said
the postponement “will not help build confidence” in the market, adding
that “the nation’s lawmakers should step in to investigate the process
and tell Nigerians the truth.”

Market opens high

Meanwhile, trading
activities begin the year on a positive note as gains of 1.34 per cent
were recorded after Tuesday’s proceedings.

At the close of the
first trading day of the year, the NSE market capitalisation, which
gained over N26 billion on the last trading week last year, appreciated
by N106 billion to close at N8.019 trillion from N7.913 trillion.

The Exchange,
however, is expected to hold its annual market report briefing next
Tuesday though Wole Tokede, the NSE’s spokesperson, said the date is
still tentative.

Money

Central Bank keeps eye on foreign exchange stability

Central Bank keeps eye on foreign exchange stability

The Central Bank of
Nigeria (CBN) has said the main thrust of its focus in the new year is
to ensure stability in the foreign exchange market.

Lamido Sanusi, the CBN governor, said the position held in 2010 would continue.

“We remain
committed to stability in the forex market. We are pleased that we had
stability last year,” Mr. Sanusi said in a text message. He added that
the bank has made its stance clear at the last Monetary Policy
Committee (MPC) meeting held on November 23, 2010.

At the end of the
meeting, the MPC expressed belief that the relative stability in the
foreign exchange market is likely to be sustained in the near term.

“The committee
would continue to monitor developments in the market to ensure that
measures are taken to eliminate speculative demand and exchange rate
volatility. The committee continued to urge greater fiscal
responsibility and commitment to reforms that will enhance the
effectiveness of monetary policy,” it stated in a communiqué.

The Central Bank
deployed massively from the country’s foreign reserves to maintain
foreign exchange stability in 2010. This led to its depletion, dropping
from $42.4 billion at which it opened the year, to $32.35 billion as at
December 31, 2010.

Dutch auction continues

The Central Bank also stated that it will continue to adopt the Wholesale Dutch Auction System (WDAS) in 2011.

In a circular to
all authorised foreign exchange dealers last December, it informed that
minimum bid amount by an authorised dealer at the bi-weekly auction
shall be $500,000.

Meanwhile, the
naira is expected to be under a short term pressure until the WDAS
auction resumes next week. Some experts, however, say they expect the
naira to correct itself once auction resumes. Central Bank carried out
its last auction on December 15.

“The Central Bank
carried out its last auction on December 15 and it would not be
returning to the market till January 8 so what we expect is see short
term pressure on the naira,” stated Renaissance Capital, an investment
banking firm.

“But we would
expect the currency to correct in the new year and possible inflow of
dollars by the oil majors. This is a cyclical process rather than
structural,” it added.

Bismarck Rewane,
managing director, Financial Derivates Company, a financial advisory
firm, however, said exchange rate stability would remain as the Central
Bank continues to intervene the naira using interest rates as anchor.

“The naira
maintained exchange rate stability throughout 2010, though it moved
with the acceptable limit of three percent (plus and minus),” Mr.
Rewane said.

He added that this stability was achieved at the expense of foreign reserves.

“Slight pressure on
the naira would continue, though our projection is for a rate on
N153-N154 per dollar by June 2011,” he said.

Money

Committee investigates Bayelsa excess derivation revenue

Committee investigates Bayelsa excess derivation revenue

The
Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has
constituted a committee to review petitions on the presidential
concession granted Bayelsa State last year to enable it earn derivation
revenue from nine oil wells.

The
Commission is constitutionally empowered to determine the revenue
allocation formula, including indices for the disbursement to all tiers
of government.

Though
the committee, constituted late last week during the emergency session
of the Commission in Abuja, is yet to be inaugurated, its terms of
reference might include findings on the legality of the concession in
line with the constitutional provisions on derivation revenue earnings
by oil producing states.

Though
a senior official of the Commission, who pleaded anonymity, said
yesterday that it would be preemptive to suggest the outcome of the
committee’s findings and recommendations, it was, however, gathered
that Bayelsa State may be asked to make some refunds if found that
about N20billion excess revenue earned so far was without any
constitutional basis.

“The
issue has to be followed constitutionally,” the source said.
“Derivation revenue is paid to oil producing states on the strength of
the relevant provisions of the constitution. If in the course of the
committee’s work, it is found that Bayelsa State earned revenues which
the Constitution did not provide for, the government would be asked to
make some refunds. But, it would be preemptive to say exactly what
would happen now, particularly as the committee was inaugurated only
last week on the eve of the last day of last year,” the senior official
said.

He,
however, disclosed that the meeting presided over by its new Chairman,
Elias Mbam, had agreed that further disbursement of revenue on the
principles of the concession be suspended to afford the committee the
opportunity to complete its work and make appropriate recommendations
to the Commission.

Controversial concession

The
concession, which has already lifted Bayelsa State to become the
highest derivation revenue earner among the oil producing states, was
sequel to a request by Governor Timipre Sylva for approval for the
attribution of nine oil fields to the state to assuage negative impact
of the delineation of maritime boundaries of littoral states by the
National Boundary Commission (NBC) in the wake of the promulgation of
the Offshore/Onshore Dichotomy Abrogation Act 2004.

The
delineation was to establish the maritime boundaries of littoral states
located beyond the 200-metre isobaths, to produce data for the
attribution of 13 percent derivation to states.

Prior
to the controversial concession, allocation of derivation revenue was
based on the volume of oil production figures attributable to each oil
producing state, with Akwa Ibom topping, followed by Rivers, and Delta
States, while Bayelsa brought the rear.

However,
with the revised 13 percent derivation indices, payment of derivation
since last July based on the concession raised Bayelsa State’s total
oil production to about 15,995,773 barrels, making it the highest
derivation revenue earner ahead of Rivers (13,317,840 barrels), Akwa
Ibom (12,796,954 barrels) and Delta (11,163,493 barrels).

At
the end of last Friday’s controversial disbursement of $1billion (about
N150billion) end-of-year bonanza from the Excess Crude Account by the
Federation Accounts Allocation Committee (FAAC) shared by the three
tiers of government, Bayelsa State went home with the highest
allocation of $40million among the nine oil producing states.

Accordingly,
Akwa Ibom was allocated $30million; Rivers, $28million; Delta,
$21million; Ondo, $4million; Abia, $1.3million; Imo $1.26million; Edo
$1.2million and Cross River, $1million.