Lagos State Government has disclosed that the sum of N3.911billion was realized as derivation since it became an oil producing state.
It however, noted that the production has been hampered due to current challenges faced by the company managing its exploration.
Lagos, which was listed into Nigeriaās league of oil-producing states in 2016, received a total of N3.911billion as share of the 13 per cent derivation fund.
Oil-producing states are entitled to 13 per cent derivation funds from the Federation Account. Others are Abia, Akwa Ibom, Bayelsa, Delta, Edo, Imo, Ondo and Rivers
The stateās Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye stated this on Wednesday, during a ministerial press briefing to mark the first year of the second term in the office of the State Governor, Mr. Babajide Sanwo-Olu, at Alausa, Ikeja.
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