Senate approves N299bn NDDC budget

The budget was passed on Thursday, May 14, 2015, and is expected to be financed from a projected revenue of N300bn, N160bn of which would be drawn from oil company contributions.

Incumbent Senate President, David Mark
(Ynaija)

The Nigerian Senate has passed a budget of N299.5 billion for the Niger Delta Development Commission (NDDC).

The budget was passed on Thursday, May 14, 2015, and is expected to be financed from a projected revenue of N300bn, N160bn of which would be drawn from oil company contributions.

It sets aside N271bn for project (development) expenditure, N16.1bn for personnel expenditure, N10.4bn as overhead expenditure and N1.8bn as capital expenditure.

The Chairman, Senate Committee on Niger Delta, James Manager revealed that the remaining funds for the budget would come from the N70bn provision from the Federal Government, N40bn ecological funds, N20bn unpaid arrears from the FG, N10bn being revenue brought forward and N100m Internally Generated Revenue.

“It is pertinent to mention that due to the peculiar nature of the NDDC budget, the committee finds that it is necessary to separate the capital budget meant for use internally by the commission, from capital budget meant for project development,” Manager said according to Punch.

The Senator also said that the budget would be in effect from January 1 to December 31, 2015.