NDDC presents N1.9trn budget to Senate

The Niger Delta Development Commission has presented budget proposals of N1.911 trillion for 2024 to the Senate Committee on the NDDC.

Presenting the proposals to the committee chaired by Senator Asuquo Ekpeyong, the NDDC Managing Director, Dr Samuel Ogbuku, said the 2024 budget was anchored on the theme: “Budget of Renewed Hope” in line with the federal government’s budget,

Ogbuku said: “The proposed budget seeks to move the commission from transaction to transformation and it is a product of participatory budgeting process that involves all the major stakeholders in the Niger Delta region.

“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 the present management’s commitment to a greener future. An aggregate expenditure of N1.911 trillion is proposed for the NDDC in 2024.

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“The revenue estimates include opening balance of N12 billion. Unpaid arrears and recoveries from federal government agencies of N170 billion. N1 trillion is expected to be sourced from development/commercial banks, federal government statutory transfers of N324 billion. Expected N25 billion from the ecological fund. Expected Revenue of N375 billion from the oil and gas companies, N5 billion is expected from other sources (grants, bank interests and sales of boarded items).

“The main emphasis will be the completion of as many ongoing legacy projects that have advanced greatly. It is our expectation that by the end of the 2024 fiscal year we would have completed more than 200km of roads across the Niger Delta region.”

Ogbuku commended the 10th National Assembly’s firm commitment to stop the circle of delayed annual budgets, saying: “I am confident that with our renewed partnership, the deliberations on the 2024 budget will be completed soon to pave way for 2025 budget as this present management is poised to normalize NDDC budget calendar.”

The Star