Nigeria’s three tiers of government shared a total sum of N35,549,235,691.42 oil subsidy savings for the month of March 2014. As usual, the quartet of Akwa Ibom, Rivers, Delta and Bayelsa took the largest share among the 36 states while the lowest share went to Kwara, Osun, Ekiti and Ebonyi states.

Details released in Abuja by the Federal Ministry of Finance showed that the Federal Government received N15 billion, in addition to N309,278,350.52 share of Derivation & Ecology funds and N519,587,628.87 share of Development of Natural Resources. N154,639,175.26 went to the Stabilization Account while the Federal Capital Territory (FCT) received N309,278,350.52.

On their parts, the 36 states shared N12,885,318,165.65 (including 13% Derivation). Out of this, Akwa Ibom received N1,534,518,428.88, Rivers N1,249,668,208.69; Delta N1,193,450,035.14 and Bayelsa N1,080,185,670.02.

On the reverse side, Kwara got the lowest share of N193,988,107.42; followed by Osun N198,753,135.55; Ekiti N194,856,854.59; and Ebonyi N194,966,873.26.

The 774 local government areas across the country shared N35,549,235,691.4.

Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, said that the subsidy savings were based on a benchmark of $79/barrel and at partial subsidy phase out of N97 per litre.

She recalled that “at the inception of the Subsidy Reinvestment and Empowerment Programme (SURE-P), the Jonathan administration made solemn commitment to the transparent and accountable implementation of the programme.”

Okonjo-Iweala said it was in keeping with this pledge that is government decided to make public the breakdown of the subsidy savings for March 2014 allocated to federal, state and local governments.

•Photo shows South-South State Governors, four of whose states got the lion share of the March subsidy savings.

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