The breakdown showed that the Federal Government got N315 billion, while States and Local governments received N194. 5 billion and N147, 05 billion, respectively
The oil producing states of the Niger Delta received additional N42.8 billion representing 13 per cent derivation*.
Again, following today’s release of the sum of *N42.8 bn* to the 9 Niger Delta States, each oil producing state (including Imo) receives on the average, the sum of N4.755bn.
In our usual manner, if we allow an error margin of N0.755 bn (to compensate for earnings ceded to the bigger crude oil producers like Delta, Akwa Ibom and Rivers), *Imo State will still earn (and _has indeed received_) the sum of N4 bn* for the month of June, 2018
Out of that N4.0bn, the sum of *N1.6 bn* – representing 40% of the 13% oil revenue from oil – belongs to ISOPADEC.
Therefore, for the months of May and June, 2018, ISOPADEC is due to receive the total sum of *N3.6 bn* in allocation; thus:
– May 2018 Allocation = N2.0 bn;
– June 2018 Allocation = N1.6 bn;
– Total outstanding (yet to be remitted allocation) for May and June, 2018 = *N3.6 bn*.
*Note*: this is a conservative estimate by all standards and yet….
*ISOPADEC Staff have not received their two months salaries.
*No meaningful development in the Oil Rich Region of Oguta and Ohaji-Egbema LGAs.
*No Electricity in Oguta Ameshi, which is the golden hen that lays the golden eggs.
*Our People are dying in hunger every day by day.
*Our Youths are not gainfully employed.
And our leaders who are in charge of ISOPADEC are conniving with Government to reap our people off.