IOC’s $4bn indebtedness retarding NDDC’s progress – Minister | The Guardian Nigeria News

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Akpabio

The Minister of Niger Delta Affairs, Sen. Godswill Akpabio, has said that International Oil Companies (IOCs) operating in the Niger Delta region were indebted to the Niger Delta Development Commission (NDDC) to the tune of over four billion dollars.

Akpabio stated this at the weekly media briefing for State House correspondents, organised by the Presidential Media Team led by Mr Femi Adesina, the President’s spokesman at the presidential Villa, Abuja.

The News Agency of Nigeria (NAN) reports that the NDDC, a commission under the ministry, is currently undergoing forensic audit as part of deliberate efforts to ensure speedy development of the Niger Delta region.

According to the minister, the indebtedness covered several years of unpaid commitments of the three per cent each IOC was mandated to remit to the intervention agency from their annual budgets.

He said that the unpaid funds were part of monies NDDC was expected to expend on development projects in the oil…



Source: Guardian Newspaper