NDDC to borrow N1trn to fund N1.91tn 2024 budget

July 9, 2024

NDDC
Managing Director of the Niger Delta Development Commission (NDDC), Samuel Ogbuku, has said the agency is seeking to raise N1 trillion to fund critical projects in 2024.

He said the commission plans to source the money for the budget through borrowing from commercial and development banks.

Ogbuku stated this on Tuesday while defending the commission’s N1.91tn 2024 budget before the House of Representatives committee on NDDC.

The NDDC also said the commission hopes to receive the sum of N170bn, being arrears owed it by the Federal Government and recoveries by government agencies; a Federal Government statutory contribution of N324.8bn, an ecological fund of N25bn, oil companies contribution of N375bn, and an Internally Generated Revenue of N1bn.

According to him, the commission planned to find its legacy projects with the N1 trillion to be borrowed from the banks, while about N835. 222 billion will be spent on other development projects.

He said the present Management was renavigating its process of intervention by adopting the Public-Private-Partnership model as a vehicle to drive sustainable development in the Niger Delta Region.

He said the commission was also partnering with the Industrial Training Fund to gainfully engage the youth of the region to reduce crime and economic sabotage.

He added that through its free medical mission, the NDDC has provided health services to more than two million persons in the region, stressing that it would partner with stakeholders to invest meaningfully in the healthcare sector for the development of the Niger Delta.

“We awarded foreign scholarships to 750 individuals between 2023-2024 (and provided educational grants to 84 individuals, and we are in the process of distributing 45,000 U-lesson tablets preloaded with Nigerian and WAEC syllabus to schools in the nine States that make up the Niger Delta region,” he said.

“We are redefining the standards of governance and effectiveness in driving positive change in the region as we commissioned over five flagship projects within 10 days.”

He said the aggregate sum of N876bn was projected to fund the 2023 budget, adding “This comprises overhead costs of N174bn, personnel costs of N34.bn, internal capital costs of N3.7bn, and Capital costs of N820.5bn.

On the 2023 budget, he said as of April 30, 2024, “The commission’s actual aggregate revenue inflow was N683.2bn which is approximately 78 per cent of the targeted N876bn, comprising N146.4bn and N394bn representing 141 per cent from oil and gas companies.”

The post NDDC to borrow N1trn to fund N1.91tn 2024 budget appeared first on Guardian Nigeria News.

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Customers groan as cash scarcity hits Taraba

Residents of Taraba State are again facing increased exploitation by Point of Sale (POS) operators as the ongoing cash scarcity intensifies. Reports indicate that many operators have hiked their charges, taking advantage of the situation to impose exorbitant fees on cash withdrawals and other transactions. The cash crisis, which has enveloped the state for weeks,
Customers groan as cash scarcity hits Taraba

Residents of Taraba State are again facing increased exploitation by Point of Sale (POS) operators as the ongoing cash scarcity intensifies.

Reports indicate that many operators have hiked their charges, taking advantage of the situation to impose exorbitant fees on cash withdrawals and other transactions.

The cash crisis, which has enveloped the state for weeks, has left residents with limited options, forcing them to rely heavily on POS operators for access to cash.

While some operators are currently charging customers N200 for every N10,000 withdrawal, instead of the normal N100, the situation is even worse in some parts of the state, where some operators are charging as high as N250 or N300 per withdrawal.

Some of the operators who spoke with our reporter attributed their actions to the inability of commercial banks to meet their responsibilities.

“The banks are complaining that they are short of cash. All my efforts to access cash from banks since last week have been difficult. All efforts to withdraw at least N500,000 failed.

“I was only able to get N150,000, and that was because I went through the backdoor,” lamented one of the POS operators.

A customer, who also shared her challenges at a POS outlet in Jalingo metropolis, said the situation has further worsened the ongoing economic difficulties facing the people of the state.

The customer, unable to understand the causes of the cash scarcity, believed that the dream of the people having a hitch-free Yuletide would be frustrated if the issue is not urgently addressed.

Citing the predicaments people faced during the last cash scarcity, she called on the relevant authorities to intervene before the situation worsens.

Some of the leadership at financial institutions visited by Daily Post also blamed the apex bank for the ongoing cash scarcity.

Many customers, expressing frustration over the exploitative practices, called on the relevant authorities to address the situation and ensure fair treatment.

This development, as observed by DAILY POST, comes as banks struggle to meet the cash demands of their customers, further exacerbating the financial difficulties faced by residents.

Customers groan as cash scarcity hits Taraba