Lagos - The Federal Government yesterday approved four oil wells for Lagos State which joined other oil producing states with a recent find in Badagry area of the state, Punch reports.
The approval was announced by the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Indices and Disbursement Committee, Aliyu Muhammed, during a courtesy visit to Governor Akinwunmi Ambode.
The approval to become an oil producing state also comes with the disbursement of 13 per cent derivation fund as spelt out under Section 162 (2) of the 1999 Constitution, as well as the provision of the allocation of Revenue Act 2004.
Mohammed, who was accompanied by members of the committee, said they were on a working visit to Lagos to verify crude oil and gas production from Aje oil wells for the purpose of disbursing the 13 per cent derivation fund according to Today.
He said the commission had set up an inter-agency technical committee comprising the RMAFC, DPR, office of the Surveyor General of the Federation and the National Boundary Commission to determine the location of the wells.
- News 24