The Akwa Ibom state government has demanded for a refund of N18.5 billion which it says was removed from its share of the derivations funds in favor of Cross River State by the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) between January 2008 and May 2012.
This happens two weeks after a court ruling gave AkwaIbom 76 oil fields formally belonging to CrossRiver State.
This was made known by the State Attorney-General and Commissioner for Justice Ekpeyong Etekim at a press conference in Uyo.
"It is instructive to note that the amount arbitrarily and illegally deducted for the period stated above accounts for more than twice the value of the derivation revenue from the 76 oil wells for the same period.
These deductions of the statutory derivation revenues of Akwa Ibom State in favor of Cross River State contravene section 162(2) of the 1999 Constitution.
It also negates the brotherly gesture in the proposals canvassed in the letter of the Governor of Akwa Ibom State Ref: No. GH/AKS/S/87 dated 28th January 2011", he said.
Akwa Ibom State wants a refund of N18.5bn from Cross River.