The Anambra State Government has announced the successful recovery of several oil wells that were previously credited to neighbouring Delta State after a verification exercise conducted by federal authorities.
The disclosure was made by Charles Ofoegbu, Managing Director of the Anambra State Solid Minerals Development Company and Chairman of Anambra State Petroleum Energy Resources Limited, during a press briefing in Awka on Thursday.
🔎 Federal Verification Exercise
According to Ofoegbu, the development followed a verification carried out by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on oil wells located within the Anambra River Basin.
The exercise reportedly confirmed that some of the oil wells previously attributed to Delta State are actually located within Anambra’s territorial boundary.
💰 Expected Revenue Boost
Ofoegbu explained that once the commission’s report is formally approved, Anambra State is expected to experience an increase in revenue allocation from the Federal Government.
This could significantly boost the state’s finances, especially through Nigeria’s derivation revenue system, which allocates funds to states based on natural resource production.
📊 What This Means
The recovery of the oil wells could:
• Increase Anambra’s share of oil revenue
• Strengthen the state’s economic standing
• Expand opportunities for energy sector development
Officials say the state government will continue engaging federal authorities to ensure proper recognition of its oil assets.
Post a Comment