With half a year remaining in the current fiscal period, the Niger Delta Development Commission (NDDC) has outlined a substantial budget of N1.911 trillion for 2024.
This budget, dubbed the “Budget of Renewed Hope Agenda,” aligns with President Bola Tinubu’s instructions to finalize various ongoing projects.
Samuel Ogbuku, the Managing Director/CEO of NDDC, presented the budget to the Senate Committee on NDDC, chaired by Senator Asuquo Ekpenyong.
The proposed budget includes a carryover revenue of N12 billion, arrears of N170 billion owed by the Federal Government, and N1 billion in borrowings.
Ogbuku detailed the revenue projections, which consist of N324.8 billion from the Federal Government, N25 billion from the Ecological Fund, N375 billion from oil company contributions, and N5 billion from internally generated income.
The expenditure plan includes N38.55 billion for personnel, N29.25 billion for overhead costs, N8.79 billion for internal capital, N1 trillion for legacy projects funded through borrowing, and N835.23 billion for development projects.
Ogbuku emphasized the commission’s commitment to settling legacy debts, earmarking N100 billion as an initial payment, with a goal to clear these debts within a decade.
He stated, “Managing our debts is crucial not only for paying contractors but also for maintaining budget credibility, especially in light of partnerships and compliance with international organizations’ expectations regarding debt repayment processes.”
Ogbuku appealed to the senators for cooperation in managing the budget and debt, underscoring the importance of bringing prosperity to the Niger Delta region and its inhabitants.
Reflecting on the 2023 budget performance, Ogbuku reported an aggregate revenue projection of N876 billion, which covered overhead costs of N17.4 billion, personnel costs of N134.2 billion, internal capital costs of N83.7 billion, and capital costs of N820.5 billion. This financial strategy represents the NDDC’s dedication to the region’s development and fiscal responsibility.
“As of April 30, 2024, the commission’s actual aggregate revenue inflow was N683.2 billion, approximately 78 per cent of the targeted N876 billion. This comprises N146.4 billion representing (122 percent) from the Federal Government and N394.5 billion representing (141 percent) from Oil and gas companies. We had a carry forward of N105 billion from 2023 representing (2117 percent).
“Despite the challenges, we continue to meet our obligations. Please find attached to our submission the budget performance report and budget implementation report, with detailed payments, percentage of work done and jobs awarded during the period”
