Nigeria, April 14 -- The Inter-Agency Technical Committee (IATC) set up by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) verified that Cross River State has 119 crude oil and gas wells and that the state therefore deserves a 13 per cent derivation revenue from those wells.

The committee recommended a refund from Akwa Ibom State to Cross River for the money (13 per cent derivation revenue) that Akwa Ibom had been receiving from the 119 wells.

"The 119 crude oil and gas wells attributed to Cross River State prior to the exercise were benefited by Akwa Ibom State, as such Akwa Ibom State should refund to Cross River State the 13% enjoyed from the 119 oil and gas wells in form of arrears," the committee stated.

These an...