July 20, 2024

The Niger Delta Development Commission (NDDC) has unveiled its budget proposal of N1.911 trillion for the 2024 fiscal year.

The Managing Director and CEO of NDDC, Samuel Ogbuku, presented the budget, titled ‘Budget for the Renewed Hope,’ to the Senate Committee on NDDC at the National Assembly Complex in Abuja.

Mr. Ogbuku outlined the budget’s key objectives, emphasizing its focus on addressing unemployment, improving education, enhancing healthcare services, constructing roads, and fostering economic development in the Niger Delta region. He emphasized the importance of collaboration with government agencies and private firms to create employment opportunities for youths, thereby reducing crime and economic sabotage in the region.

The proposed budget allocates N38.5 billion for personnel expenses, N29.2 billion for overhead costs, and N8.7 billion for internal capital. Legacy projects funded through borrowing are estimated at N1 trillion, with an additional N835.2 billion allocated for project development.

Funding for the budget will be sourced from statutory provisions and borrowings, with a focus on curbing inflation and ensuring the delivery of quality projects. Mr. Ogbuku explained that borrowings would be obtained from development and commercial banks to finance ongoing legacy projects of the commission.

Following the budget presentation, lawmakers reacted positively to the initiatives outlined. Chairperson of the Committee, Asuquo Ekpeyong, urged the NDDC management to prioritize the payment of debts owed to contractors.

Orji Kalu commended the proposed initiatives and stressed the importance of implementing the budget as proposed. Tony Nwoye advised that budget parameters should target vulnerable and poor populations in the region.

The Niger Delta region, comprising nine oil-producing states, plays a critical role in Nigeria’s economy, and the proposed budget aims to stimulate sustainable development and growth in the region.

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