Olusegun Obasanjo calls for higher oil derivation funds

Former Nigerian President Olusegun Obasanjo has called for an increase in the 13 per cent derivation fund currently allocated to oil-producing states. Speaking in Yenagoa, Bayelsa State, Obasanjo stated that the current allocation is insufficient and that oil-producing communities have not received a fair deal.

Obasanjo made these remarks during the inauguration of the Crude Distillation Unit (CDU) at the Azikel Refinery in Obunagha. The one-billion-dollar refinery project, owned by Azikel Petroleum under the Azikel Group, is expected to produce 2.5 million litres of petrol and two million litres of diesel daily upon completion.

During the event, Obasanjo commended Azikel Group President Dr. Azibapu Eruani for the project and urged its completion within 12 months. He also praised Bayelsa Governor Douye Diri for his support of the refinery and his management of state revenue for development projects.