Anambra State will begin to earn more from 13% derivation funds on crude oil as the State reclaims ten oil wells from Delta State following the resolution of a boundary dispute.
The oil wells had previously been credited to Delta State due to the long-standing boundary disagreement between the two States.
Charles Ofoegbu, Managing Director of the Anambra State Solid Minerals Development Company and Chairman of Anambra State Petroleum Energy Resources Limited, said in Awka on Thursday that a verification exercise conducted by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) confirmed that the wells rightfully belong to Anambra State.
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Once the report receives official approval, Anambra State will begin receiving revenue from the oil wells located along its maritime boundary with Delta State, thereby increasing the State’s receipts from 13% oil derivation fumds from the Federal Government.
Meanwhile, Anambra State Government is planning to establish a modular refinery in Osamala, Ogbaru Local Government Area.
The refinery is expected to process petroleum products such as diesel, create employment opportunities, and stimulate economic growth in the state.
The development is being viewed as a significant boost to Anambra’s economy and future development.
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