NDDC Proposes N1.911 Trillion 2024 Budget, Earmarks N100 Billion for Legacy Debt Payments

Six months into the fiscal year, the Niger Delta Development Commission (NDDC) has unveiled an ambitious 2024 budget proposal amounting to N1.911 trillion, aimed at driving development in line with President Bola Tinubu’s directive. 

This budget, dubbed the "Budget of Renewed Hope Agenda," was presented by NDDC Managing Director/CEO Samuel Ogbuku to the Senate Committee on NDDC, led by Senator Asuquo Ekpenyong.

The proposed revenue includes N12 billion brought forward, N170 billion in arrears and recoveries by the Federal Government, and N1 trillion in borrowings.

 Other significant sources include a N324.8 billion contribution from the Federal Government, N25 billion from the Ecological Fund, N375 billion from oil companies, and N5 billion from internally generated income.

Ogbuku outlined the planned expenditures, highlighting N38.5 billion for personnel, N29.2 billion for overheads, N8.8 billion for internal capital, and N835.2 billion for development projects. 

He emphasized a strong focus on addressing legacy debts, with N100 billion allocated for this purpose, aiming for a complete payoff within the next decade.

“To manage our indebtedness, especially in the eyes of international partners, we have earmarked N100 billion for legacy debt repayment.

 This phased approach should see us clear these debts, some of which date back 20 years, within 10 years,” Ogbuku explained.

Reflecting on the 2023 budget performance, Ogbuku noted that the commission projected N876 billion in revenue but achieved N683.2 billion by April 30, 2024, meeting 78% of the target.

 The Federal Government contributed N146.4 billion, while oil and gas companies provided N394.5 billion.

The NDDC also launched the "Operation Light Up Niger Delta" initiative, installing solar-powered street lights to enhance night-time economic activities. 

Additionally, in response to frequent flooding, the commission began constructing multipurpose emergency shelters with essential amenities like schools, hospitals, and recreation centers.

Ogbuku reassured that despite challenges, the NDDC remains committed to fulfilling its obligations and bringing development and joy to the Niger Delta region.

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