FG approves four oil wells in Lagos – The Cable

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The federal government, through the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), has approved four oil wells for production in Lagos state.

RMAFC also approved the disbursement of 13 percent derivation fund, as spelt out under Section 162 (2) of the 1999 constitution, as well as the provision of the allocation of revenue act 2004.

This was disclosed by Aliyu Mohammed, chairman of the RMAFC Indices and Disbursement Committee, who paid a courtesy visit to the state.

Mohammed, who was accompanied by members of the committee, said they were on a working visit to Lagos to verify crude oil and gas production from Aje oil wells for the purpose of disbursement of the 13 per cent derivation fund.

He said the commission had set-up an inter-agency technical committee comprising of the RMAFC, DPR, office of the surveyor-general of the federation and the National Boundary Commission to determine the location of the wells.

Mohammed said that the committee recommended that number 1, 2, 4 and 5 of the Aje oil wells fall within 200m isobaths and therefore should be attributed to Lagos state.

He added that the outcome of the visit would promote national unity as well as the socio-economic development of Lagos state and Nigeria.

Read more at https://www.thecable.ng/fg-approves-four-oil-wells-in-lagos