June 21, 2024

International Oil Companies Owe NDDC $4bn, Says Akpabio



By Akpobor Jirue, Abuja

Minister of Niger Delta Affairs, Senator Godswill Akpabio, on Thursday disclosed that the international oil companies (IOCs) operating in the Niger Delta, have defaulted in their statutory remittances to the Niger Delta Development Commission (NDDC) to the tune of $4 billion.

Akpabio, made the claim while speaking during the weekly ministerial briefing held at the State House in Abuja.

According to him, none of the oil firms operating in the area have complied with the mandatory remittances of three percent of their annual budgets to the commission, as provided in the Act that established it

Akpabio stressed 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.

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, he disclosed that about 109 projects – which would be commissioned soon – have been implemented in the South-South.

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

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