Oil companies operating in the Niger Delta Region are owing Niger Delta Development Commission (NDDC) $4 billion, Senator Godswill Akpabio said.
Akpabio, who is the Minister of Niger Delta Affairs, stated that oil firms in the area are expected to provide three percent of their annual budgets to the commission, but none has complied with this.
The minister made the claim on Thursday at the weekly ministerial briefing held at the State House in Abuja.
Akpabio stressed that the Ministry of Niger Delta Affairs would take interest in the implementation of the three percent Petroleum Industry Act (PIA) compensation to host communities.
The former Akwa Ibom governor also stated that the NDDC owes contractors three ₦3 trillion. He, however, explained that not all awarded contracts with costs can be regarded as debt.
On the progress made so far in the Commission, the Niger Delta minister announced completion of 109 projects in the South South due for commissioning soon.
The funds from the Niger Delta Ministry established in 2008 with ₦200 billion shrank to ₦19 billion in 2020 and then rose slightly to ₦24 billion in 2021.
The minister revealed that out of the allocated fund, ₦10 billion has been dedicated to fix the East-West Road.
