The 13 per cent derivation fund is spelt out under Section 162 (2) of the 1999 Constitution, as well as the provision of the allocation of Revenue Act 2004.
“We are very glad to receive this delegation,” he said. “We thank the federal government, especially President Muhammadu Buhari for making this happen very promptly. This has been the quickest action that has been taken by RMAFC since I have known the commission.
“I used to be the state accountant general. So I had a lot of transactions and a relationship with the institution called RMAFC. Within a span of about 60 days after we wrote our letter and even before we wrote the letter, this technical committee was set up.
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“It gladdens me that the institution works and is working for the good of Nigeria,” he said.
Ambode commended members of the DPR and NBC, saying both institutions “have contributed immensely to the process of the discovery and production of crude oil in Lagos”.
He also urged other states “to activate the mineral deposits in their domain as a means of boosting internally generated revenue (IGR)”.