NDDC Unveils N1.911trn Budget For 2024

The Niger Delta Development Commission (NDDC) has presented a N1.911 trillion proposed budget for 2024, titled the “Budget of Renewed Hope,” to the National Assembly.

Managing Director/CEO of NDDC, Dr. Samuel Ogbuku emphasized a strategic shift from transactional to transformational governance to bolster socio-economic stability and improve the standard of living in the Niger Delta region.

Addressing the National Assembly, Ogbuku expressed profound appreciation to President Ahmed Bola Tinubu and the Supervising Minister of Niger Delta Development, Engr. Abubakar Momoh, for their unwavering support.

The presentation highlighted several critical initiatives designed to address the region’s unique challenges and foster sustainable development.

“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 our commitment to a greener future. An aggregate expenditure of N1.911 trillion is proposed for the Niger Delta Development Commission in 2024,” said Ogbuku.

The key highlights of the budget include: Revenue Brought Forward: N12 billion, Arrears and Recoveries by FG Agencies: N170 billion, Borrowings: N1 trillion, Federal Government Contribution: N324.8 billion, Ecological Fund: N25 billion, Oil Companies Contributions: N375 billion, Internally Realized Income: N5 billion.

The breakdown of the proposed expenditures is as follows: Personnel, N38,545,349,193, Overhead: N29,246,506,753, Internal Capital: N8,785,574,131, Legacy Projects funded through Borrowing: N1 trillion, Projects (Development): N835,222,569,924

For the key initiatives, Dr Ogbuku emphasized investing in critical infrastructure as a key component of the fiscal strategy under the 2024 Budget Proposals. The NDDC plans to adopt a Public-Private-Partnership model to drive sustainable development in the Niger Delta region.

“We are in partnership with the Industrial Training Fund to engage the youth of the region to reduce crime and economic sabotage, and also with the Niger Delta Chamber of Commerce, Trade, Mines, and Agriculture (NDCCTIMA). Several organizations and state governments have approached the Commission for partnerships, and we are currently engaging them to fine-tune the process,” he added.

Highlighting the performance of the 2023 budget, titled “Budget of Rewind to Rebirth,” he said, “Projected a revenue of N876 billion. By April 30, 2024, the Commission’s actual aggregate revenue inflow was N683.2 billion, approximately 78 percent of the targeted amount. This included N146.4 billion from the Federal Government and N394.5 billion from Oil & Gas Companies, with a carry forward of N105 billion from 2023.”

Dr. Ogbuku reiterated the NDDC’s commitment to collaboration with the National Assembly for timely and effective budget implementation.

He expressed confidence that the proposed budget would establish a robust foundation for sustainable economic development in the Niger Delta, reflecting a participatory process involving stakeholders, with significant funding sourced through public-private partnerships and borrowings aimed at legacy projects.