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Sunday, June 16, 2024

NDDC Presents N1.911tn 2024 Budget To Senate.

The Niger Delta Development Commission (NDDC) has proposed a total sum of N1.911 trillion as its 2024 aggregate expenditure.

Managing Director of the Commission, Samuel Ogbuku, declared this on Monday during the presentation of the NDDC budget estimates for 2024 tagged ‘Budget of Renewed Hope Agenda’, before the Senate Committee on NDDC chaired by Senator Asuquo Ekpenyong.

Ogbuku pegged the proposed revenue brought forward at N12 billion. The arrears owed by the Federal Government and Recoveries by Federal Government agencies stands at 170 billion naira.

In a further breakdown, legacy projects funded through borrowings is pegged at N1 trillion. According to the proposal, the Federal Government will contribute N324.8 billion, the Ecological Fund, N25 billion, while Oil Companies Contributions will contribute N375billion.

He further explained that the Commission is investing massively in the area of infrastructure such as the ‘Operation Light Up Niger Delta Region’ and the construction of multipurpose emergency shelter with a capacity of 1000 accommodations, designed to serve as a refuge during flood emergencies.

In his remarks, Chairman of the Committee, Senator Ekpenyong warned against late submission of the budget of the NDDC, noting that the commission must transmit its 2025 Budget early to meet January to December Budget Cycle.

According to him, the 2024 budget must consolidate on already existing projects.

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