The Niger Delta Development Commission (NDDC) is facing significant financial challenges, according to its Managing Director. 

Despite being established in 2000 to promote sustainable development and address socio-economic disparities in the oil-rich Niger Delta region, the NDDC has struggled with debt and governance issues.

The NDDC recently received approval from President Bola Tinubu to secure additional funding of N1 trillion, supplementing its existing N1.9 trillion budget. This influx of capital aims to accelerate development projects in the Niger Delta region. However, during a press conference at the Niger Delta Stakeholders Summit 2024 in Port Harcourt, Rivers State, NDDC Managing Director Samuel Ogbuku assured that the 2024 budget allocates necessary provisions to settle the commission's debts and fulfill its financial obligations to lenders.

Ogbuku said, "We are aware that we owe debts, but we have made a provision of N100 million annually in our budget to pay off our lenders. This is a record that our investors want to see. They don't expect us to be debt-free, but they want to see a payment plan in place."

He emphasised that the commission is committed to striking a balance between paying off old debts and executing new projects. 

"We cannot abandon those who have done projects for us in the past, but we also need to secure new investments to move forward. Our plan is to make provisions for debt repayment annually, so that whether I am here or not, those who are owed will be paid," he said.

This statement comes as a reassurance to contractors and investors who have been concerned about the commission's ability to pay off its debts.