Godswill Akpabio
HighlightOil & GasTop StoryTrending Story

International oil companies must pay the $4bn owed NDDC, says Akpabio

554

 

…East-West road will be ready for inauguration in 2022

International oil companies (IOCs) will be made to pay back the $4 billion owed the Niger Delta Development Commission (NDDC), Niger Delta Affairs Minister, Sen. Godswill Akpabio has promised.

Already, the Federal Government has commenced the process of recovering the debt.

Featuring at the weekly briefing organized by the Presidential Media Team on Thursday in Abuja, Akpabio said: “All the international oil companies are owing and efforts are ongoing to recoup the money.”

He, however, did not provide details of the debts before the submission of the forensic report on NDDC to President Muhammadu Buhari.

Persecondnews recalls that the NDDC was established in 2000 by the Ex-President Olusegun Obasanjo administration to develop the oil-rich Niger Delta.

“The Forensic audit report of the NDDC has been completed and will be submitted to President Buhari at his convenience,” Persecondnews quotes the minister as saying.

He said government would use the forensic audit report to correct all the ills of the past in the region.

Akpabio believed that the Amnesty programme should end to enable the people of the region to get better deal instead of the peanuts ex-agitators are being paid.

“I haven’t seen any major thing that has touched the lives of the people in the region done by the NDDC. We are still searching for the project they have done. The money given to the NDDC has not been utilised well.

“The major agent of intervention, the NDDC failed, that has been the problem.

“We (NDDC) have a commitment in the excess of N3 trillion. The forensic audit will clarify these things. NDDC is still being owed over $4 billion by all the International oil companies (IOCs) as part of their 3% contribution to NDDC and the Federal Government is also owing the NDDC but there are plans to work out plans to recover these monies,” he said.

According to Akpabio, the commission’s debts profile to contractors stands at about N3 trillion.

“However, not all contracts awarded with costs can be regarded as debt.

“The over N600 billion of emergency contracts that had been awarded had not been implemented and cannot therefore be regarded as NDDC debt.”

On the East-West Road, Akpabio said 2022 has been set as the completion date for the project.

He said towards the completion of the East West Road which started 16 years ago, he said the NDDC diverted N10 billion from other projects for the road in view of its critical importance to the people of the region.

He said N7 billion has so far been released out of the N10 billion, adding that about N75 billion would be required to complete lots 1-4 of the road.

Akpabio disclosed that he had written to President Muhammadu Buhari, urging him to include the project in Sukuk Fund to ensure that it is ready for inauguration in 2022.

“About N45 billion is needed to complete the road,” he said, adding that in n019 and 2020 N11 billion and N4 billion were released for the project.

Other projects executed by the ministry include 18 inter-state roads, 109 intra-cities roads and about 500,000 housing units.

On the debt profile of NDDC, Akpabio announced that it is currently owing about N3 trillion, pointing out that no concrete project was executed by the commission to justify the huge debt.

On the recently signed Petroleum Industry Bill (2021) and the controversial 3% to oil producing communities, Akpabio

said: “I thank Mr President for the Petroleum Industry Act (2021). It is a major step in the right direction.

This is a leap forward and we must thank Mr President for this. This is the first time that the host community is having a percentage. Now the government is looking at the host community directly.”

 

 

Leave a comment

Related Articles

Police defy court order, call for suspension of Feb. 22 Osun council polls

In spite of a court order directing the conduct of council polls...

31 new states’ requests fall short of constitutional requirements – Deputy Speaker Kalu

Amidst the ongoing debate on the requests for creation of 31 new...

Just in: Court orders OSSIEC to conduct Osun LG Polls

Justice Adeyinka Aderibigbe of the Osun State High Court has ruled that...

Just in: Court orders final forfeiture of $4.7m, N830m, properties linked to Emefiele

In a significant ruling, Justice Yellim Bogoro of the Federal High Court...

Gov. Adeleke stands firm, vows to conduct council polls despite AGF’s objections

Despite a directive from Attorney-General of the Federation (AGF) and Minister of...

Just in: Some parts of Abuja to experience 7-hour power outage – TCN

Abuja’s prolonged power outage persists, with the Transmission Company of Nigeria (TCN)...

ECOWAS, UN Joint Mission to Support Peace Efforts in Guinea Bissau

A joint mission of ECOWAS and the UN Office for West Africa...

Afenifere slams IBB’s belated admission on Abiola’s June 12, 1993 election victory as hollow, too little, too late

Unimpressed by ex-Head of State Ibrahim Babangida’s admission that the late Chief...

NFF Suspends Two Referees Over Controversial Penalty Decision

The Nigeria Football Federation (NFF) has suspended two referees, Ayeni Ridwan Olatunji...

Nigeria’s oil rig count to hit 50 in March to achieve 2 million bpd target, says NUPRC Boss Komolafe

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the country’s...

Tinubu hails IBB’s courage, patriotism for acknowledging Abiola’s 1993 election win

President Bola Tinubu has lauded what he called former military Head of...

VP Shettima Unveils Ambitious ‘Nutrition 774 Initiative’ to Combat Malnutrition in 774 Council Areas

Nigeria’s Vice President, Sen. Kashim Shettima, has urged state governors, ministers, local...

Fire at Cawthorne Channel 1 Barges: NNPCL Emergency Team Swiftly Contains Outbreak, No Casualties

A swift response by the Nigerian National Petroleum Company Limited (NNPCL) emergency...

NFF Sets Deadlines for Federation Cup Finals, CAF C-Licence Course

The Nigeria Football Federation (NFF) has issued a firm directive requesting all...

Nigeria’s Central Bank Holds Interest Rate Steady at 27.50%

The Central Bank of Nigeria (CBN) has decided to hold all parameters...

32 years after, Babangida finally admits Abiola won June 12 presidential poll in new memoir

In a shocking admission, Nigeria’s former Head of State, retired General Ibrahim...

Dispute Over Seating Arrangement Creates Tension in Senate, Pits Akpoti-Uduaghan Against Leadership

Tensions flared in the Senate on Thursday as Senator Natasha Akpoti-Uduaghan clashed...

Reps call for arrest, prosecution of fake number plate offenders

Worried by the rising spate of criminality in the country, the House...

NNPP loses Rep to APC

The House of Representatives witnessed another defection on Thursday as Yusuf Galambi,...

Union urges varsity to rename zoo in honour of keeper killed by lion 12 months ago

One year after a fatal lion attack at the zoo of the...