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N26.4bn NNDC fund not missing — Reps

By Luka Binniyat

ABUJA – The House of Representatives Committee on the Niger Delta Commission (NDDC) has distanced itself from a news media report that N26.4  billion is missing from the NNDC revenue profile.

Speaking at a press conference at the National Assembly, yesterday, Chairman of the House of Representatives Committee on NDDC, Nicholas Mutu (PDP/Delta), said the report was not true.

“The House of Committee on NDDC at no time declared funds missing from the revenue profile presented to the National Assembly as allaged by the daily newspapers (Vanguard not included),” he said.

During budget defence by the Commission, the acting Managing Director of the NDDC, Mr. Pastor Power Adinighan, explained that some projects were slated to be awarded in 2008 but were still awaiting certification by the BPP.

“He declared that the N26.4 billion meant for those projects are funds brought forward. The increase in the revenue profile from the initial N96.4 billion to N128.5 billion was as a result of the N26.4 billion declared by the Acting MD and the N5 billon increase in the budget approval by the National Petroleum Investment Management Services (NAPIMS) for the oil producing companies,” he explained.

He said the delay in the passage of the NNDC budget was caused by the delay of the executive to compute the 13 per cent oil derivatives funds for the states and also from NAPIMS’ delay in submitting computed contributions of oil firms to the NNDC states.


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