Bayelsa seeks FG’s upward review of 13% oil derivation formula

Bayelsa State government has urged members of the incoming 10th National Assembly from the Niger Delta to work vigorously for an upward review of the 13 per cent crude oil derivation formula to at least 25 per cent. Governor Douye Diri made the advocacy during the 108th session of the State Executive Council meeting yesterday […]

Bayelsa State government has urged members of the incoming 10th National Assembly from the Niger Delta to work vigorously for an upward review of the 13 per cent crude oil derivation formula to at least 25 per cent.

Governor Douye Diri made the advocacy during the 108th session of the State Executive Council meeting yesterday in Government House, Yenagoa.

He called on the President-elect, Bola Tinubu, to fulfill his promises, especially on resource control for the sake of equity and fairness to the people of the Niger Delta, who are suffering the brunt of crude oil production in the country.

Represented by his deputy, Senator Lawrence Ewhrudjakpo, the governor expressed regret that the 13 per cent oil derivation formula which was subject to a periodic review had remained stagnant since 2003.

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According to him, the Ijaws who were the largest tribe before being balkanized into several states following the Arthur Richard Constitution, deserved to be accorded recognition.