SAN FRANCISCO, June 23, (THEWILL) – The Upper Legislative Chamber on Thursday passed the 2016 budget of the Niger Delta Development Commission, NDDC, after which it embarked on a recess that will last till July 12.
Before adjourning, the senate also passed the Federal University of Petroleum Resources, Effurun (establishment) bill, 2016.
It however slashed the NDDC budget to N241bn from the original estimate of N260bn.
The budget was passed after the Chairman, Senate Committee on NDDC, Senator Peter Nwaoboshi presented a report of his committee on the proposal, stressing that 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.”
His words, “Adjustments were made to reflect the new figure of N241 bn.”
“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, the 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.”
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