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Home |   About Us |   Contact Us |   Members |   Search |   Subscribe |   Disclaimer |   THE GUARDIAN CONSCIENCE, NURTURED BY TRUTH LAGOS, NIGERIA.     Friday, August 20 2004   news   editorial/opinion   politics & people   focus/record   business   sports   capital market   weekend   golf weekly   Guardian Chat Click to join the chatroom Data delays take-off of oil law, says Attah From Aniekan Bassey, Uyo THE delay in implementation of the law abrogating the on-shore /off-shore oil dichotomy has been attributed to an on-going data verification exercise by the Revenue Mobilisation and Fiscal Commission (RMFC). The law is yet to be implemented several months after President Olusegun Obasanjo assented to it, Akwa Ibom State governor, Victor Atah told reporters yesterday. According to him, the RMFC is carrying out the exercise to ascertain the indices that will be used in the allocation of derivation benefits to the affected littoral states. He said that payment would only be effected after the conclusion of the verification. The governor named some of the data as appropriate boundary demarcation and population. Attah denied speculations that the littoral states have started enjoying the benefits of the abrogation. He explained that the Federal Government had deposited the funds accruing to the beneficiary states in an escrow account pending the conclusion of the data verification exercise. The governor also admitted that there was a hitch in the implementation of the state's independent power project. He stated that work had been delayed following the inability of one of the investing partners to meet the funding required. He said that though the state was shopping for another investor, two out of the four turbines required for power generation had already been acquired. � 2003 - 2004 @ Guardian Newspapers Limited (All Rights Reserved).  Powered by dnetsystems.net dnet�

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