Senate Approves N299.5 Billion 2015 Budget For NDDC

Posted by African Examiner Featured, Latest Headlines Thursday, May 14th, 2015

Ayodele Afolabi, Abuja – Senate has passed N299.526 Billion as budget for Niger Delta Development Commission (NDDC) for the 2015 fiscal year.

The budget breakdown shows that N271, 089, 998, 023 billion is earmarked for project (development) expenditure; N16, 133, 377, 133.00 for personnel expenditure; N10,423,319,000.00 billion for overhead expenditure and N1,879,769,000.12 billion for capital expenditure.

According to the Senate Committee on Niger Delta, the budget will be financed from a projected revenue of N300. 1 billion drawn from N160 billion contribution from oil companies; N70 billion provision from the federal government; N40 billion ecological funds; N20 billion unpaid arrears by the federal government; N10 billion as revenue brought forward and N100 million internally generated revenue.

In its presentation, the Committee Chairman, James Manager ( PDP Delta South), said the committee considered the federal government proposals and observed that non-project expenditure which comprised personnel, overheads and the internal capital totalling N28.4 billion represent 9.5 per cent of the total proposed budget for the year as against 8.43 per cent proposed in 2014.

He added that the N271.089 billion approved as project development expenditure represents N90.5 per cent of the total proposed budget as against the 91.46 per cent proposed in 2014.

He said: “It is pertinent to mention that due to the peculiar nature of the NDDC budget, the committee finds that it is necessary to separate the capital budget meant for use internally by the commission from capital budget meant for project development”.

The committee which said the budget should be operative from January 1, 2015 to December 31, 2015, also advised the Senate to relentlessly pursue the proper calculation and release of 15 per cent statutory contribution of the federal government for the funding of NDDC.

The committee also recommended the need for the Senate to assist in enforcing the payment of the statutory 50 per cent of monies meant for NDDC member states from the ecological fund with a view to enhancing the commission’s revenue base.

It also urged the Senate to direct the management of NDDC to avoid carrying out any virement in the approved budget without a recourse to the National Assembly.