Federal government has begun the process to recover $4 billion owed to the Niger Delta Development Commission (NDDC) by International Oil Companies (IOCs).
Minister of Niger Delta Godswill Akpabio disclosed this to State House correspondents at the weekly briefing organised by the Presidential Communication Team.
He also stated that the government has set 2022 target for the completion of the East West Road.
According to him, the President Muhammadu Buhari administration prioritises the completion of the project by setting other smaller projects in the region.
He said “NDDC is also being owed $4billion by the OICs unremitted funds. The federal government is owing a little bit of its own part that it should do to the NDDC. I believe that with the audit of the commission, we will begin to offset those things working closely with the ministry of finance.
“There are plans to pay those debts. I want to see a balance sheet of the NDDC that is bankable. The IOCs are expected to pay toe the NDDC 3 percent of their annual budgets. All of them have failed to do so at different times.”
He confirmed that the forensic audit report of the NDDC had been completed and would be submitted to President Buhari at his convenience.
Akpabio also said the commission debts profile to contractors stood at about N3 trillion, noting however, that not all contracts awarded with costs can be regarded as debt.
According to him, the over N600 billion of emergency contracts that had been awarded had not been implemented and cannot therefore be regarded as NDDC debt.