The recent clarification by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) that no final decision has been reached on the disputed oil wells has reignited conversations around fiscal equity and historical revenue losses suffered by Cross River State.
The Revenue Mobilisation Allocation and Fiscal Commission Sunday formally dismissed reports suggesting that a conclusive determination has been made on the ownership and reallocation of disputed oil and gas wells between oil-producing states.
According to the Commission, the inter-agency verification exercise remains ongoing, with draft findings still undergoing technical review and validation. The process involves collaboration with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the National Boundary Commission (NBC), and the Office of the Surveyor-General of the Federation (OSGoF).
For many stakeholders in Cross River State, the clarification is significant. The state has long grappled with the fiscal implications of the 2002 judgment of the International Court of Justice, which ceded the Bakassi Peninsula to Cameroon, a development that resulted in Cross River losing its status as an oil-producing state and the attendant 13 percent derivation revenue.
While RMAFC's statement does not confirm any restoration of oil wells to Cross River, it underscores that the matter remains open and subject to due institutional process. Political observers argue that the ongoing review presents an opportunity for renewed advocacy grounded in constitutional provisions, technical verification, and principles of fiscal justice.
The oil well verification exercise carries enormous implications for revenue allocation under Nigeria's federal structure. Any adjustment to oil well coordinates could significantly alter derivation receipts for affected states.
Stakeholders in Cross River have consistently maintained that the issue transcends politics and touches on economic survival, development planning, and intergenerational equity. The latest clarification by RMAFC suggests that deliberations are still active, and that no state can yet claim victory or defeat.
As the review continues, attention now turns to transparency, technical accuracy, and the federal government's commitment to ensuring fairness in the allocation of national resources.
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