By Levinus Nwabughiogu
Niger Delta Development Commission, NDDC, will spend N2.28 trillion for its capital and recurrent expenditures.
The expenditures are however subsumed in three consolidated financial years of 2021, 2022 and 2023.
Recall that the National Assembly withheld the budget of the commission for three years due to the absence of a governing board to make high profile financial approvals.
But in January this year, the federal government inaugurated governing council with Lauretta Onochie as its chairman and Samuel Ogbukwu as Managing Director.
Appearing before a session of the House of Representatives Committee on NDDC for budget presentation and defence yesterday, Ogbukwu outlined the details of the budgets, saying N485.7 billion was proposed for the commission in 2021, N928.2 billion in 2022 and N876 billion for 2023 respectively.
The Managing Director who said the consolidated bill was tagged “Budget of Rewind to Rebirth” would be largely funded by revenue brought forward, federal government contribution, unpaid arrears and recoveries by Economic and Financial Crimes Commission, EFCC, ecological fund, oil companies contribution amongst others.
According to him, this would not include cash brought forward of N35.5 billion in 2021, N3billion in 2022 and N5 billion in 2023; federal government statutory transfers of N85 billion for 2021 and N150 billion for 2022 and 2023 each fiscal year.
He said: “Unpaid arrears of N100billion from the Federal Government for 2021, N504billion for 2022 and N450billion for 2023 being expected revenue from the Federal Government through recovery by the EFCC from oil companies.
“Expected revenue of N250 billion from the Oil & Gas Companies for 2021, 2022 and 2023 fiscal year and expected N15 billion from Ecological fund for 2021, N20.7billion for 2022 and N20billion for 2023.
“N200 million is expected from internally generated (bank interests and sales of boarded items) for 2021 while N500million is expected in 2022 and 2023 respectively.”
Ogbukwu informed that out of the total budget estimates for 2021, personnel cost was N28.2 billion while N34.2 billion was proposed for 2022 and 2023 respectively.
Similarly, the overhead costs were projected at N14.5 billion for 2021 and N16.5 Billion for