The Niger Delta Development Commission (NDDC) has presented a budget of N1.911 trillion for the 2024 fiscal year to the National Assembly.
The Managing Director and CEO of NDDC, Samuel Ogbuku, made the presentation on Monday to the Senate Committee on NDDC at the National Assembly Complex, Abuja.
The budget is christened ‘Budget for the Renewed Hope’ in line with the federal government budget.
Mr Ogbuku, while presenting the budget, said it will address unemployment, lack of education, poor healthcare system, construction of roads and sustain the economic development of the Niger Delta region.
The managing director also said the budget will help the commission to partner with other government agencies and private firms to engage youths in the region to secure employment.
He also highlighted that it will reduce crime and economic sabotage in the region.
“In preparing the 2024 budget, our primary objective has been to sustain our robust foundation for sustainable economic development. A critical focus of this budget is the present management’s commitment to a greener future.
“An aggregate expenditure of N1.911 trillion is proposed for the Niger Delta Development Commission in 2024 on assumptions of revenue,” he said.
The proposed personnel budget is estimated at N38.5 billion, overhead cost is projected at N29.2 billion and internal capital is N8.7 billion.
Legacy projects funded through borrowing are estimated at N1 trillion and project development is projected at N835.2 billion.
Funding
Mr Ogbuku noted that the budget will be funded through statutory provisions and borrowings.
“The budget is going to be funded through statutory provision and borrowings to curb the inflation rate and ensure that quality projects are delivered to the region,” he said.
The MD explained that the borrowings will be sourced from development and commercial banks to “fund ongoing legacy projects” of the commission.
“We have identified very impactful legacy projects and reviewed them with the present rate to be funded from the borrowed fund. We are aware that the National Assembly shares our view that these projects should be prioritised and given adequate funding in the 2024 Appropriation while our reform has led to the allocation of funds on sector basis rather than line item basis which has been a major problem in our budget implementation.”
Lawmakers react
After the presentation of the budget, the Chairperson of the Committee, Asuquo Ekpeyong (APC, Cross River South), urged the NDDC management to prioritise payment of the debt it owes contractors.
Orji Kalu (APC, Abia North) commended the NDDC for the initiatives proposed in the budget.
READ ALSO: NDIC to pay heritage bank depositors up to N5m
Mr Kalu, a former governor of Abia State, urged the management of the commission to implement the budget as proposed, if approved.
He assured that the committee will hold the NDDC accountable.
Tony Nwoye (LP, Anambra North) advised that the parameters of the budget should be targeted at the vulnerable and poor people in the region.
The nine oil-producing states comprise the NDDC Abia, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers.
Support PREMIUM TIMES’ journalism of integrity and credibility
At Premium Times, we firmly believe in the importance of high-quality journalism. Recognizing that not everyone can afford costly news subscriptions, we are dedicated to delivering meticulously researched, fact-checked news that remains freely accessible to all.
Whether you turn to Premium Times for daily updates, in-depth investigations into pressing national issues, or entertaining trending stories, we value your readership.
It’s essential to acknowledge that news production incurs expenses, and we take pride in never placing our stories behind a prohibitive paywall.
Would you consider supporting us with a modest contribution on a monthly basis to help maintain our commitment to free, accessible news?
Make Contribution
TEXT AD: Call Willie – +2348098788999
