The Senate has passed N1.911trillion 2024 statutory budget for the Niger Delter Development Commission (NDDC)
The budget received the approval of the Red chamber of Tuesday after it considered the report of the Committeee on Niger Delta Development Commission presented by its chairman, Asuquo Ekpeyoung.
According to the report, the NDDC planned to borrow N1 trillion, however, lawmakers argued that the borrowing plan did not follow due process as they urged the Commission to work with relevant government agencies on loan approval.
The Commission planned to spend N38.545 billion as personnel cost; Overhead cost of N29.246 billion and Internal Capital of N8.785 billion. The NDDC also projected N324 billion as federal government contribution and N25 billion ecology fund.
Samuel Ogbuku, nanaging director who appeared before the Committee for budget on Monday informed that the Commission would fund legacy projects with the N1trn it intends to borrow from commercial and development banks.
He also said the commission was expecting N375 billion as oil companies’ contributions and projected N5bn as Internally Generated Revenue.
Ogbuku put the agency’s outstanding revenue from last fiscal year at N12 billion and arrears owed by the Federal Government and recoveries by federal agencies at N170 billion.
