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NDDC owing contractors N3 trillion, owed $4bn by International Oil Companies says Akpabio

Godswill Akpabio
The Minister of Niger Delta Affairs, Senator Godswill Akpabio, has said the Niger Delta Development Commission (NDDC) currently owes contractors about N3trillion while being owed $4 billion by International Oil Companies (IOCs) operating in Nigeria.

Akpabio said this Thursday while speaking during the weekly ministerial briefing organized by the Presidential Communication Team at the Presidential Villa, Abuja.

The minister said none of the IOCs, which are required to provide 3% of their annual budgets to the commission as their statutory contribution to its funding, had paid so far.

Minister of Niger Delta Affairs, Senator Godswill Akpabio

“All the international oil companies are owing and efforts are ongoing to recoup the money,” Akpabio said at the briefing, but he did not immediately provide further details.

The minister, who said NDDC on its part is owing contractors about N3 trillion, however, added that not all contracts awarded with costs could be regarded as debt.

According to him, the over N600 billion of emergency contracts that had been awarded had not been implemented and cannot, therefore, be regarded as NDDC debt.

Akpabio, while giving updates on the progress in the commission, said about 109 projects had been implemented in states in the Niger Delta.

He said 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.

Akpabio disclosed that 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.

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According to him, about N45 billion is needed to complete the road project.

The NDDC was established in 2000 to develop the oil-rich Niger Delta region, following agitations from the people of the region.

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