Lagos State receives N3.911 billion oil derivation fund, faces production challenges, seeks new technical partners.
Lagos State has received N3.911 billion as its share of the 13% oil derivation fund since becoming an oil-producing state in 2016. The state's oil operator, Yinka Folawiyo Petroleum Company Limited, has faced challenges affecting production, leading to potential loss of funds. The state government is currently in talks with the company to find new technical partners and resume production before the year ends.
May 08, 2024
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