Pat Stevens/
President Muhammadu Buhari today approved the refund of a total of N1.7 trillion to nine oil-producing states.
Buhari announced the decision personally this afternoon via his verified Twitter handle.
He disclosed that N625 billion has been paid so far, promising that the balance would be paid in due course.
He said the refunds represented 13 percent oil derivation, subsidy and SURE-P, covering the period between 1999 and 2021.
The President also reiterated the commitment of his administration to ensuring payments of all debts owed states.
Buhari tweet reads, “I have approved payments totalling 1.7 Trillion Naira to 9 oil-producing States, as refunds owed them by Nigerian Government. As a matter of honour, all debts owed States must be paid, regardless of political affiliation. N625B has been paid so far; the balance will be paid in due course.
“The benefiting States are Abia, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo, Rivers; and the payments are refunds for 13 percent oil derivation, Subsidy and SURE-P, covering the period between 1999 and 2021.”
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