The Niger Delta Development Commission (NDDC) has proposed a budget of N1.911 trillion for 2024, with a focus on completing ongoing projects and paying off legacy debts.
Presenting the budget to the Senate Committee on NDDC, Managing Director/CEO Samuel Ogbuku explained that the proposed revenue includes:
Federal Government contribution: N324.8 billion
Ecological Fund: N25 billion
Oil companies’ contributions: N375 billion
Internally realized income: N5 billion
The proposed expenditure includes:
Personnel: N38.5 billion
Overhead: N29.2 billion
Internal capital: N8.7 billion
Legacy projects funded through borrowing: N1 trillion
Projects (development): N835.2 billion
Ogbuku emphasized the importance of paying legacy debts, allocating N100 billion for this purpose. He noted that the commission aims to offset these debts within 10 years.
The budget also focuses on infrastructure development, including the “Operation Light Up Niger Delta region” initiative, which has already improved economic activities in communities through solar-powered street lights.
Additionally, the commission is constructing multipurpose emergency shelters to address flooding challenges in the region.
The Senate Committee on NDDC will review and deliberate on the proposed budget.
