Thursday, June 23

Senate slashes NDDC budget by N19bn, goes on 2-week recess

Senate slashes NDDC budget by N19bn, goes on 2-week recess

The senate on Thursday adjourned to July 12 after passing the 2016 budget of the Niger Delta Development Commission (NDDC).

The budget which was originally N260bn was slashed to N241bn.

The budget was passed after Peter Nwaoboshi, chairman senate committee on NDDC, presented a report of the committee on the proposal.

He explained the budget was cut down to make its implementation feasible.

A breakdown of the budget shows that N18bn- is for personnel cost; N10bn for overhead;  internal capital-N1bn and development project-N231bn.

Nwaoboshi said the source of revenue for the budget included “oil companies’ contributions and others, amounting to N130bn, ecological funds of N10bn and other internally realised income of N100m.”

“Adjustments were made to reflect the new figure of N241 bn,” he explained.

“The reduction was made only in the capital projects amounting to 8.2 per cent. The reduction did not affect the recurrent expenditure.”

Speaking after the budget was passed, Senate President Bukola Saraki urged the NDDC “to ensure proper implementation in view of its importance to the people of the Niger Delta Region and Nigerians at large.”

The senate also passed the Federal University of Petroleum Resources, Effurun (establishment) bill, 2016, before it adjourned.

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