Senate Passes 299.5 Billion Naira NDDC Budget

The Senate has passed a 299.5 billion Naira budget for the Niger Delta Development Commission (NDDC) for the 2015 fiscal year.

According to the Chairman of the Senate Committee on Niger Delta, Senator James Manager, the budget will be financed from a projected revenue of 300. 1 billion Naira.

This revenue is expected to be drawn from a 160 billion Naira contribution from oil companies, 70 billion Naira provision from the Federal Government, 40 billion Naira Ecological Funds as well as 20 billion Naira unpaid arrears by the Federal Government.

Furthermore, 10 billion Naira as revenue brought forward and 100 million Naira Internally Generated Revenue will be used to augment the budget.

Senator Manager also said that, “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”.