Senate Passes N299.5bn NDDC 2015 Budget | Independent Newspapers Limited
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Senate Passes N299.5bn NDDC 2015 Budget

Posted: May 15, 2015 at 7:15 am   /   by   /   comments (0)

By Ignatius Okorocha – Abuja


The Senate on Tuesday passed a budget of N299,526,463,156.12 for the Niger Delta Development Commission (NDDC) for the 2015 fiscal year.

This is as the sum of N271,089,998,023.00 was approved as capital expenditure for project developments in the nine states of NDDC and head office.

Further breakdown of the 2015 Budget proposal revealed that the sum of N16,133,377,133.00 is earmarked for personnel expenditure, N10,423,319,000.00 earmarked for overhead expenditure, and N1,879,769,000.12 mapped out for capital expenditure (internal).

The Senate Committee on Niger Delta disclosed  that the Budget will be financed from a projected revenue of N300,100,000,000.00.

The above sum is drawn from the revenue brought forward of N10billion; and Federal Government contribution of N70billion; Federal Government contribution from unpaid arrears of N20billion

Others are the oil companies contribution of N160billion; ecological funds of N40billion; and other internally realised income of N100billion.

In his submission, Chairman of the committee, Senator James Manager, while presenting the Budget before the Senate for its approval, disclosed the Committee’s considerations.

It also advised the Senate “to relentlessly pursue the proper calculation and release of 15 percent statutory contribution of the Federal Government for the funding of NDDC; to assist in enforcing the payment of the statutory 50 percent of monies due to NDDC member states from the ecological fund with a view to enhancing the Commission’s revenue base; and to direct the management of NDDC to avoid carrying out any virement in the approved Budget without a recourse to the National Assembly”.