Reps Approve NDDC’s N1.91tn Budget, Okays N1tn Loan for Development Projects

he House of Representatives has approved the Niger Delta Development Commission’s (NDDC) 2024 budget of N1.91 trillion, with a significant portion of N1 trillion earmarked for legacy projects to be funded through loans.

This move is expected to bring lasting development to the oil-rich Niger Delta region, according to President Bola Tinubu.

The House of Representatives has given its approval for the Niger Delta Development Commission’s (NDDC) 2024 budget of N1.91 trillion.

The approval followed the consideration of a report by the Committee on NDDC, chaired by Mrs. Erhiatake Ibori-Suenu. The budget includes a significant provision of N1 trillion for legacy projects, which will be funded through loans from development and commercial banks.

According to the Managing Director of NDDC, Samuel Ogbuku, “We have strategically made provisions towards diversifying our sources of funding as we intend to source an aggregate sum of N1 trillion to fund ongoing legacy projects of the commission in 2024.”

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President Bola Tinubu, represented by Senate President Godswil Akpabio, had earlier pledged his administration’s commitment to bringing development to the Niger Delta region. “Mr. President is very committed to ensuring the development of the Niger Delta… The Niger Delta Development Commission has never had the kind of budget that they are having in 2024,” Akpabio quoted the President as saying.

The approved budget will be gazetted for Third Reading by the House Committee on Rules and Business before its final passage.