The Niger Delta Development Commission (NDDC) is proposing to allocate N1 trillion for “legacy projects” in its 2024 budget, according to the proposed budget submitted to the National Assembly.
This N1 trillion allocation is part of the broader N1.8 trillion budget for the 2024 fiscal year. Samuel Ogbuku, the Managing Director of NDDC, while defending the budget before the House of Representatives Committee on NDDC, stated that the funding would be sourced from development and commercial banks.
“We have strategically made provisions towards diversifying our source of funding as we intend to source an aggregate sum of N1 trillion to fund ongoing legacy projects of the Commission in 2024,” Mr. Ogbuku explained to the lawmakers.
Despite the significant allocation, Mr. Ogbuku did not provide specific details about the projects. This proposal comes at a time when Nigeria is grappling with a high national debt, raising concerns about the financial feasibility and prioritization of such expenditures.
