A file picture of the Minister of Niger Delta Affairs, Senator Godswill Akpabio.
Senator Godswill Akpabio says oil companies working within the Niger Delta have defaulted of their statutory remittances to the Niger Delta Improvement Fee (NDDC) to the tune of $4 billion.
Akpabio, who’s the Minister of Niger Delta Affairs, made the declare on Thursday on the weekly ministerial briefing held on the State Home in Abuja.
He famous that oil companies working within the space are anticipated to offer three % of their annual budgets to the fee, however none has complied with this.
Akpabio pressured that the Ministry of Niger Delta will take a eager curiosity within the implementation of the three % Petroleum Trade Act (PIA) compensation to host communities.
The previous Akwa Ibom governor additionally acknowledged that the NDDC owes contractors three ₦3 trillion. He, nonetheless, defined that not all awarded contracts with prices could be considered debt.
READ ALSO: Buhari Approves Committee To Implement Petroleum Trade Act Instantly
READ ALSO: Nigeria Misplaced $50bn In 10 Years Due To Uncertainty Over Petroleum Trade – Buhari
READ ALSO: [PIA] We Mentioned With Labour Extensively, No Job Will Be Misplaced – Sylva
On the progress made up to now within the Fee, the Niger Delta minister disclosed that about 109 initiatives – which might be commissioned quickly – have been applied within the South-South.
Funds from the Niger Delta Ministry – which was established in 2008 with 100 ₦200 billion – shrank to ₦19 billion in 2020 after which rose barely to ₦24 billion in 2021.
The minister revealed that ₦10 billion – out of the allotted fund – has been devoted to repair the East-West Street.