JUST IN: IOCs Owe NDDC More Than $4bn, As They Fail To Remit 3% Statutory Contribution – Akpabio

International Oil Companies (IOCs) operating in Nigeria owe the Niger Delta Development Commission (NDDC) more than $4 billion, Minister of Niger Delta Affairs, Senator Godswill Akpabio disclosed on Thursday.

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.

The Minister spoke during the weekly ministerial briefing organised by the Presidential Communication Team at the Presidential Villa, Abuja.

“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.

He also said the commission owes contractors about N3 trillion, noting however that not all contracts awarded with costs can be regarded as debt.

According to him, 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.

Akpabio 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.