Minister of Niger Delta Affairs, Sen. Godswill Akpabio
IOCs owe NDDC more than $4bn – Minister
International Oil Companies (IOCs) operating in Nigeria owe the Niger Delta Development Commission (NDDC) more than $4 billion, according to the Minister of Niger Delta Affairs, Godswill Akpabio who spoke on Thursday during the weekly ministerial briefing organised by the Presidential Communication Team at the Presidential Villa, Abuja
He said all the IOCs are required to provide 3% of their annual budgets to the commission as their statutory contribution to its funding, but according to the Senator Akpabio, none of the IOCs has paid so far.
“All the international oil companies owe and efforts are ongoing to recoup the money,” Akpabio said at the briefing but he did not immediately provide further details, adding also that the commission owes contractors about N3 trillion, noting however that not all contracts awarded with costs can be regarded as debt.
According to Akpabio, the over N600billion of emergency contracts that had been awarded had not been implemented and cannot therefore be regarded as NDDC debt.
Giving updates on the progress in the commission, he said about 109 have been implemented in states in the Niger Delta.
The minster also remarked the NDDC diverted the sum of N10 billion from other projects to execute the East West road in view of its critical importance to the people of the region.
He revealed he had written to President Muhammadu Buhari to include the project in Sukuk Fund so that it can be ready for commissioning during the lifespan of the present administration.
According to him, about N45 billion is needed to complete the road project.
