The Niger Delta Development Commission (NDDC) has announced its proposed budget for the year 2024, amounting to N1.911 trillion. This announcement was made by the managing director, Samuel Ogbuku, during a presentation to the Senate Committee on NDDC.
Why it Matters
The proposed budget, tagged as the “Budget of Renewed Hope Agenda”, aims to address critical infrastructural and developmental needs in the Niger Delta region. With significant investments planned in various sectors, the budget is pivotal for the socio-economic advancement of the region, which has historically faced underdevelopment despite its resource wealth.
Budget Breakdown
– Revenue and Arrears: The proposed revenue brought forward is N12 billion, with arrears owed by the federal government and recoveries by federal agencies amounting to N170 billion.
– Legacy Projects: N1 trillion is allocated for legacy projects, funded through borrowings.
Key contributions
- – Federal Contributions: The Federal Government will contribute N324.8 billion.
- – Ecological fund: N25 billion.
- – Oil Companies Contributions: N375 billion.
- – Internally Generated Revenue: N5 billion
Infrastructure Focus
Ogbuku highlighted significant infrastructure projects, including the ‘operation light up niger delta region’ and the construction of a multipurpose emergency shelter with a capacity of 1,000 accommodations to serve as a refuge during flood emergencies.
What they are saying
Senator Asuquo Ekpenyong, Chairman of the Senate Committee on NDDC, emphasized the importance of timely budget submissions. he urged the NDDC to submit its 2025 budget early to align with the january to december budget cycle and stressed that the 2024 budget should build on existing projects to ensure continuity and effective utilization of resources.
Bottom Line
the NDDC’s proposed 2024 budget is a comprehensive plan aimed at fostering development and addressing infrastructural deficits in the Niger Delta region. The success of this budget will depend on efficient implementation and adherence to timelines to ensure the region benefits fully from the allocated resources.
