The House of Representatives has approved N1.9 trillion budget for the Niger Delta Development Commission (NDDC) in the 2024 financial year.
This followed the consideration and approval of the a report of the House Committee on Niger Delta Development Commission, chaired by Hon. Erhiatake Ibori-Suenu by the Committee on Supply at plenary on Wednesday.
Out of the total sum, N38.54 billion is earmarked for personnel expenditure; N29.24 billion for overhead expenditure; N8.78 billion for internal capital expenditure; N835.22 billion for development projects while N1 trillion is for Legacy Projects funded by borrowing for the year ending 30 April, 2025.
NDDC’s Managing Director, Samuel Ogbuku had, while defending the commission’s 2024 budget before the House of Committee last Tuesday, said N1trillion will be borrowed from commercial banks to finance its N1.91trillion budget proposal for 2024.
Ogbuku said the Commission was expecting to receive the sum of N170 billion as arrears owed it by the Federal Government and recoveries by government agencies and a Federal Government statutory contribution of N324.8 billion.
The Commission is also expected to receive N25 billion ecological fund, N375 billion oil companies contribution and Internally Generated Revenue of N1 billion to fund the budget.
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