The N1.9 trillion budget of the Niger Delta Development Commission (NDDC) is now before the House of Representatives. It has been tabled before the Senate weeks back.
The Managing Director of the Commission, Samuel Ogbuku, who tabled it to the lower parliament, reiterated the determination of the Commission to use the budget as tool for accelerated development of the oil region, even as stakeholders in the region are meeting to reach consensus on how to run the oil region going forward without disruptions.
The CEO promised that the early approval of the Commission’s 2024 budget would help to fast track the development and socio-economic transformation of the Niger Delta region.
Addressing the Committee led by Erhiateke Ibori-Seun as Chairman, Ogbuku highlighted the success stories of the NDDC with its 2023 budget estimates, saying that a lot of progress was recorded in the region and that much was being done to complete all ongoing projects embarked upon by the Commission.
He explained that in preparing the 2024 Budget, entitled “Budget of Renewed Hope”, the primary objective was to sustain robust foundation for sustainable economic development and greener future for the region.
The NDDC boss stated that the proposed budget will be funded through Federal Government contribution, oil companies’ contribution, ecological fund, arrears owed NDDC by the Federal Government and recoveries by Federal Government agencies revenue brought forward, borrowings and internally realised income.
Hints emerged in Port Harcourt on Wednesday, July 10, 2024, at the technical session of the stakeholders forum, that the FG had committed to N1 trillion from the about N3 trillion arrears owed the Commission. This was said to have given reason why the budget for 2024 is N1.9 trillion. The amount coming from the FG is said to be dedicated to specific legacy projects to begin to wipe off sketches and skeletons of abandoned projects in the region.
Now, Ogbuku told the lawmakers in Abuja, “Investing in critical infrastructure is a key component of our fiscal strategy under the 2024 Budget Proposals. The present management has reviewed its process of intervention by adopting Public-Private-Partnership model as a vehicle to drive a sustainable development in the Niger Delta Region.
“To this end, we are in partnership with the Industrial Training Fund to gainfully engage the youths of the region to reduce crime and economic sabotage. We have strategically made provisions towards diversifying our sources of funding as we intend to source an aggregate sum of One trillion naira to fund on-going legacy projects of the Commission in 2024”, Ogbuku stated.
On fiscal reforms, he said; “We shall introduce new performance management frameworks to regulate the overhead cost. Accordingly, only activities that are tied to measurable programmes will be approved. We have moved away from the line-item budgeting system to sectoral allocation.
He itemised sectors that would receive priority attention.
Ibori-Seun, Chairman, House of Representatives Committee on NDDC, commended the management team of the Commission for the comprehensive documentation and promised accelerated legislative action on the proposed budget.
He said the National Assembly is committed to transparency and improved wellbeing of the people of the Niger Delta region.