The Managing Director/Chief Executive Officer of the Niger Delta Development Commission (NDDC), Dr. Samuel Ogbuku, on Monday defended the N1.911 trillion 2024 budget estimate before the Senate committee on Niger Delta Affairs.
Recall that President Bola Ahmed Tinubu had presented the NDDC 2024 Statutory Budget proposal for consideration and subsequent approval by the National Assembly.
The NDDC top officials led by the Managing Director were at the National Assembly Complex in Abuja to defend the budget estimates.
Speaking during the session presided over by the Senate committee chairman, Senator Asuquo Ekpenyong (Cross River South) the NDDC Managing Director, Dr. Ogbuku sough National Assembly collaboration to deliver inclusive growth and enhance the welfare of the people in the Niger Delta region.
He presented strategic projects being implemented by the commission in the region and a breakdown of the 2023 budget performance, emphasising the need to complete legacy projects in the zone.
He said, “A critical focus of this budget is this present management’s commitment to a greener future. An aggregate expenditure of N1.911 trillion is proposed for the Niger Delta Development Commission in 2024 on assumptions of revenue.
“The revenue estimate includes an opening balance of N12 billion. Unpaid arrears and recoveries from federal government agencies of 170 Billion. N1 trillion is expected to be sourced from development/commercial banks, federal government statutory transfers of N324 billion.
“Expected N25 billion from ecological fund. Expected revenue of N375 billion from the Oil & Gas companies, N5 billion is expected from other sources (grants, bank interests and sales of boarded items).
“This marks a critical step towards diversifying our source of funding as we intend to source an aggregate sum of N1trillion to fund on-going legacy projects of the Commission in 2024. The sum is to be out-sourced from the development/commercial banks etc.”
According to Ogbuku, the personnel expenditure is N38,545,349,193; overhead, N29,246,506,753; internal capital N8,785,574,131; legacy projects funded through borrowing N1,000,000,000,000; projects (Development) N835,222,569,924.
During contributions and questions from Senators, Senator Orji Uzor Kalu (Abia North) said, “I hope that you will implement this budget. This committee will hold you accountable to implement this budget.”
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