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Nairaland Forum / Nairaland / General / Business / Oil Production Lagos Expects First 13 Derivation Fund December (10457 Views)
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Oil Production Lagos Expects First 13 Derivation Fund December by OlaSpeaker(m): 5:48pm On Nov 15, 2016 |
The Governor of Lagos State, Mr. Akinwunmi Ambode, has said the state expects to get its first derivation fund following the first export from the Aje oil field located offshore Lagos. Ambode disclosed this on Tuesday in Lagos at this year’s Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists. Yinka Folawiyo Petroleum Company Limited, a wholly owned indigenous firm and operator of the OML 113, had on May 3 announced the commencement of crude oil production on the Aje field. Oil-producing states are entitled to 13 per cent derivation fund from the Federation Account. The governor, who was represented by the Commissioner for Energy, Mr. Wale Olowu, said, “I am pleased to announce that the first export from the Aje oil field has happened. That is not the big deal; the big deal is that Lagos State is anxiously awaiting its first derivation in December. So, in December, we will be collecting our first derivation. “We cannot wait to see a lot of oil and gas come under the soil of Lagos because it will help us in the area of employment; it will help us in the area of electricity generation, which we want to do off-grid anyway, and it will also help us in making sure that our revenue continues to be diversified.” Ambode said they would continue to work to make Lagos the investment and oil and gas hub of the nation, adding, “We reassure all of you stakeholders in the industry of our commitment to provide a safe and secure environment for exploration activities that is consistent with global best practice.” He said the state was also closely monitoring and “getting ready to massively support other Oil Prospecting Licences in Lagos to make sure they can quickly transform to Oil Mining Leases”. He said the state had established its own oil and gas corporation called Ibile Oil and Gas, which, he said, would open for business by next month. Ambode said the company would be involved in exploration, development, and production, among others. He said, “We also want the development of the oil and gas industry in Lagos. We didn’t plan it originally. But now that we are seeing the evolution, we are doing everything possible to bring them together because on our west coast, we have found oil. “On the east coast, we already have Dangote refinery that is the largest in Africa and one of the largest in the world, and then in our centrals, we have the banks that can finance, the oil tank farms and then we have the seaport for export.” According to the Federal Government, four of the five Aje oil wells discovered in Lagos belong to the state. The Chairman, Indices and Disbursement Committee, Revenue Mobilisation Allocation and Fiscal Commission, Alhaji Aliyu Mohammed, said during a recent visit of a delegation of the committee to the Lagos State Government that the verification by the committee and its recommendation would facilitate the disbursement of 13 per cent derivation fund to the state in line with the Nigerian Constitution. punchng.com/oil-production-lagos-expects-first-13-derivation-fund-december/ 6 Likes 1 Share |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by doubleportion: 5:53pm On Nov 15, 2016 |
Good 2 Likes |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by GudluckIBB(m): 5:54pm On Nov 15, 2016 |
. |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by GudluckIBB(m): 5:56pm On Nov 15, 2016 |
Ambode is going to be one man lagos will forever remember He will write his name on the sand of time. 25 Likes 2 Shares |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by kurajordan(m): 6:00pm On Nov 15, 2016 |
Good |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by FFKfuckedBIANCA: 6:00pm On Nov 15, 2016 |
. 1 Like |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by Thisis2raw(m): 6:00pm On Nov 15, 2016 |
More pocket money for Ambode |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by Donlamzy(m): 6:01pm On Nov 15, 2016 |
I love Lagos state, buh I hate the country it's Located 12 Likes 1 Share |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by buffalowings: 6:02pm On Nov 15, 2016 |
Some people won't like this You guys are sick So because I made an overtly tribalistic comment, you all rushing to click likes. 14 Likes 2 Shares |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by Lushore1: 6:02pm On Nov 15, 2016 |
Don't post anything if you don't like this news, just move to the next thread. Thank you. GOD bless lagos state. 37 Likes 1 Share |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by LoveDecay(m): 6:03pm On Nov 15, 2016 |
We await news from the north. IPOB .... what do u have to say 29 Likes 3 Shares |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by Lilprincey(m): 6:03pm On Nov 15, 2016 |
This is Good news. I think Ambode is doinq a good job in lagos. 1 Like 1 Share |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by Nobody: 6:04pm On Nov 15, 2016 |
Our oyel. 6 Likes |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by nobsalis: 6:05pm On Nov 15, 2016 |
+ |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by halmat(m): 6:06pm On Nov 15, 2016 |
So soon!!! A welcome development though. But let the nation feel the impact of your exploration before you start to claim your derivation. 2 Likes |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by BrutalJab: 6:06pm On Nov 15, 2016 |
Lol. Everybody wan chop oyel money. 2 Likes |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by ajbf: 6:06pm On Nov 15, 2016 |
I do not support this. I am of the opinion that Lagos should be giving special status and Lagos should lose about 30% of its internally generated revenue to Federation since this IGRvis accrue to it by its special status as former nation capital and also because of FG disposition to it ahead of other competing states with similar potential sources of IGR. |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by wristbangle: 6:07pm On Nov 15, 2016 |
Good one. It's a pity lagos is inside Nigeria 3 Likes |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by kings09(m): 6:08pm On Nov 15, 2016 |
Ok |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by bonechamberlain(m): 6:10pm On Nov 15, 2016 |
More money for the kingmakers 1 Like |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by MrImole: 6:11pm On Nov 15, 2016 |
Excellent! |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by TeamSimple(m): 6:14pm On Nov 15, 2016 |
Long overdue. If you not happy go hug high tension wire. 4 Likes |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by Nobody: 6:15pm On Nov 15, 2016 |
At least Alhaji Tinubu would take it easy from plans to decamp...this would offset his losses including Ondo, commercial loss ans chief which is compensation for providing security and hotel expenses for Buhari during election. 1 Like |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by Emassive(m): 6:21pm On Nov 15, 2016 |
13% even when you extract and export only 60barrels per day...lol 2 Likes |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by Nobody: 6:22pm On Nov 15, 2016 |
OlaSpeaker: Isn't what is good for the goose good for the gander? you have oil, do you understand our "hate" |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by victorvezx(m): 6:25pm On Nov 15, 2016 |
Emassive:Chaii, E pain Mr Okoro 37 Likes 4 Shares
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Re: Oil Production Lagos Expects First 13 Derivation Fund December by Jalinco: 6:25pm On Nov 15, 2016 |
IPOB: Our attention has been drawn to the purported oyel export from Lagos and the expected 13% derivation payment, we hereby state that the oyel belong to us, as Lagos is a Biafra land. Therefore we are ready to form our government under Nnamdi Kanu to manage the resources from our oyel proceed. 20 Likes 2 Shares |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by swagifted(m): 6:27pm On Nov 15, 2016 |
We are always around for business... Anywhere the business moves.. We Move.. LoveDecay: 1 Like |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by RichDad1(m): 6:29pm On Nov 15, 2016 |
Emassive:The haters are here. 9 Likes 2 Shares |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by Mustack: 6:34pm On Nov 15, 2016 |
Emassive:That 13% can feed you generation.. 11 Likes 1 Share |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by GreenNegro(m): 6:38pm On Nov 15, 2016 |
Over to the Igbos 6 Likes 1 Share |
Re: Oil Production Lagos Expects First 13 Derivation Fund December by hamzeiy: 6:48pm On Nov 15, 2016 |
Donlamzy:really..why not move it to biafra.. afterall lagos is a no mans land sorry Igbos land isnt it?...mugus 5 Likes |
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