THE Senate has passed this year’s statutory budget for the Niger Delta Development Commission (NDDC) to the tune of N1.911trillion.
The budget was approved after the senate had considered the report of its Committee on NDDC, presented by its Chairman, Asuquo Ekpeyong.
But the lawmakers argued against Commission’s plan to borrow N1trillion, saying it did not follow due process and urged it to work with relevant government agencies on loan approval.
The Commission plans to spend N38.545billion as personnel cost; N29.246billion on overhead and internal capital of N8.785billion.
It also projects N324billion as federal government contribution and N25billion from Ecology Fund.
NDDC’s Managing Director, Dr. Samuel Ogbuku, who appeared before the committee for Budget on Monday, June10, disclosed that the interventionist agency would fund legacy projects with the N1trillion it intends to borrow from commercial and development banks, even as it expects N375billion as oil companies’ contributions and projected N5billion as internally generated revenue.
Ogbuku put the agency’s outstanding revenue from last fiscal year at N12billion and arrears owed by the Federal Government and recoveries by federal agencies at N170billion.
