The Federal Government has revealed that International Oil Companies (IOCs) with operations in Nigeria owe the Niger Delta Development Commission (NDDC) more than $4 billion.
This was disclosed by the Minister of Niger Delta Affairs, Senator Goodswill Akpabio at the State House, Abuja during the weekly ministerial press briefing.
Akpabio said, “All the international oil companies are owing their statutory contribution to NDDC running into over $4 billion for many years and efforts are ongoing to recoup the money.”
3 percent of IOCs annual budget is required as a statutory contribution to the commission’s funding, but Senator Akpabio disclosed that none of the IOCs has paid.
He also said the commission owes contractors around N3 trillion but added that not every contract awarded with costs can be regarded as debt.
According to Akpabio, over N600 billion that had been awarded as emergency contracts had not been implemented, so cannot be regarded as NDDC debt.
