Akpabio reveals International oil companies owe NDDC $4bn

Minister of Niger Delta Affairs, Sen. Godswill Akpabio on Thursday revealed that oil firms operating in the region have defaulted in their statutory remittances to the Niger Delta Development Commission (NDDC) to the tune of $4 billion.

Akpabio made the claim at the weekly ministerial briefing held at the State House in Abuja, the nation’s capital.

The former Akwa Ibom governor explained 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 this.

He added that the Ministry of Niger Delta will take a keen interest in the implementation of the three percent Petroleum Industry Act (PIA) compensation to host communities.

Also, the minister stated that the NDDC owes contractors three trillion naira (₦3 trillion), just as he noted that not all awarded contracts with costs can be regarded as debt.

Speaking on the successes recorded so far in the Commission, the minister disclosed that about 109 projects – which would be commissioned soon – have been implemented in the South-South.

Funds from the Niger Delta Ministry –  which was established in 2008 with a hundred ₦200 billion –  shrank to ₦19 billion in 2020 and then rose slightly to ₦24 billion in 2021.

The minister emphasized that ₦10 billion out of the allocated fund has been dedicated to fix the East-West Road.