Details for Insights into onshore – offshore dichotomy, by Obong Victor Attah

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Name:Insights into onshore – offshore dichotomy, by Obong Victor Attah
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BEFORE the advent of the 1999 constitution, the principle of derivation was subjected to severe
and whimsical gerrymandering by the various Presidents and Heads of State that had ruled
Nigeria. This was due to the fact that, though the principle had been acknowledged and accepted
there was no governing formula. Up till 1970, derivation stood at fifty percent. Decree No.113
of 1970, put forward by the late sage Chief Obafemi Awolowo and promulgated by General
Yakubu Gowon (Rtd) reduced it to 45 per cent and at the same time appropriated the entire
offshore oil revenue to the federal government.

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Created On: 01/05/2013 12:32
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