PeakNews Online
Abuja, Nigeria – The House of Representatives Committee on Niger Delta Development Commission (NDDC) has committed to ensuring that the commission’s budget is realistic and achievable. This pledge was made by the committee’s chairman, Erthiatake Ibori-Suenu, during the NDDC management’s presentation of its 2024 budget on Tuesday.
Ibori-Suenu emphasized the importance of a realistic budget for the success of any organization and assured that the parliament would rigorously scrutinize the budget to ensure its optimal utilization. “It is our responsibility as a committee to scrutinize your budget. Our goal is to ensure that they are realistic and achievable and in the best interest of the region,” she stated.
The chairman also commended the NDDC for its initiatives in the health and education sectors, as well as its ‘Operation Light Up the Niger Delta’ intervention in the energy sector.
NDDC Managing Director, Mr. Samuel Ogbuku, addressed the lawmakers, revealing a proposed budget of N1.911 trillion for the 2024 fiscal year. Ogbuku explained that the budget aims to achieve sustainable economic development in the Niger Delta region. “A critical focus of this budget is the present management’s commitment to a greater future,” he stated.
Ogbuku highlighted that the commission plans to borrow N1 trillion from commercial banks to fund its legacy projects in the 2024 fiscal year. He noted that the borrowed funds would be dedicated to project completion, in line with the directive from President Bola Tinubu to complete all uncompleted and abandoned projects. “As you know, the NDDC is self-funding,” he added.
Furthermore, Ogbuku mentioned partnerships with the Industrial Training Fund to engage the youth of the region productively, reducing crime and economic sabotage. Collaborations with the Niger Delta Chamber of Commerce, Trade, Mines, and Agriculture (NDCCTIMA) were also highlighted.
The NDDC is also expecting N170 billion in arrears owed by the federal government, along with recoveries by government agencies. Additional funding sources include a federal government statutory contribution of N324.8 billion, an ecological fund of N25 billion, oil company contributions of N375 billion, and an internally generated revenue (IGR) of N1 billion.
