In the first half of 2023, the nine oil-producing states in Nigeria collectively received a substantial N544.9 billion as their 13% share of oil derivatives from the federal government. This marked a significant 44.2% increase compared to the N377.9 billion they received during the same period in 2022.
However, despite this increase in allocation, these states experienced a concerning rise in their debt profile, accumulating an additional N465.4 billion in the first half of the year. This indicates a growing debt burden within a challenging fiscal environment.
Remarkably, the allocation in the first half of 2023 already surpassed the total amounts shared in 2021 (N448.7 billion) and 2020 (N424 billion). The nine states receiving these allocations are Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo, and Rivers.
Delta State received the largest share in the first half of 2023, amounting to N180.05 billion, which accounted for 33% of the total shared among the nine states. Akwa Ibom followed closely with N130.8 billion, representing 24% of the overall sum. Notably, this marked a significant increase of 63.5% compared to the N80.17 billion received in the same period in 2022.
Bayelsa State received N92.96 billion during this period, showing a 21.1% increase from the N76.7 billion it received in the first half of 2022 but a 16.5% decrease from the N92.96 billion allocated in the second half of 2022.
The other states received the following amounts:
- Rivers: N92.74 billion
- Edo: N17.5 billion
- Ondo: N16.9 billion
- Anambra: N5.4 billion
- Abia: N2.4 billion
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