International oil companies owe NDDC $4b – Akpabio


Minister of Niger Delta Affairs, Godswill Akpabio says oil firms operating in the Niger Delta region are currently owing the Niger Delta Development Commission (NDDC) a total sum of $4 billion.

The minister made this known at the weekly ministerial briefing held at the State House in Abuja on Thursday.

Speaking to journalists, Akpabio disclosed that oil firms operating in the area are expected to provide three percent of their annual budgets to the commission, but none has complied with the directive.

He further stressed that his ministry will take a keen interest in the implementation of the three percent Petroleum Industry Act (PIA) compensation to host communities to make sure it is judiciously put to use.

On the progress made so far in the Commission, he disclosed that about 109 projects – which would be commissioned soon – have been implemented in the region.

He however maintained that the NDDC owes contractors three ₦3 trillion explaining that not all awarded contracts with costs can be regarded as debt.

Abisola Adebayo is a Reporter/Presenter/Social Media Manager for Tv360Nigeria. She is a first class graduate of the department of Mass Communication at Fountain University, Osogbo. Abisola is currently running her Masters Degree at the University of Lagos. The Social Media savvy young lady is ambitious and driven, likes trying new things and sets new goals for herself. Always looking for an opportunity to do better and achieve greatness.

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