NDDC 2024 Budget: N1trn credit facility meant for completion of 1,006 legacy projects spread across Niger Delta region – Ughakpoteni
By BARBARA KALU, Port Harcourt –
The Niger Delta Development Commission (NDDC), has explained that the N1trillion credit line being sought by the Commission will be deployed to complete a total of 1,006 legacy projects spread across the region, including roads, bridges, electricity projects, school buildings, hospitals, shore protection and reclamation, among others.
In a statement by its Director, Corporate Affairs, Pius Ughakpoteni on Wednesday, the Commission said the clarification became necessary in view of the concerns expressed in some quarters over the plan to obtain credit lines of 1trillion Naira to fund the completion of on-going and new legacy projects of the NDDC across the Niger Delta region.
The Senate had in its wisdom approved the NDDC 2024 budget of N1,911,844,833,046, which made provision for securing the sum of N1 trillion to be sourced from the development and commercial banks.
According to Ughakpoteni, “the arrangement is for the budget to be funded through statutory provision and borrowings to curb the inflation rate and ensure that quality projects are delivered to the Region on time.”
He noted that while emphasizing public-private partnerships, the NDDC had strategically made provisions to leverage private capital for big-ticket infrastructure projects in regional roads to enhance transportation and other sectors. This marks a critical step towards diversifying our source of funding.
“The main emphasis will be the completion of many ongoing legacy projects that have advanced greatly. It is our expectation that by the end of the 2024 fiscal year we would have completed more than 200 kilometres of roads across the Niger Delta region,” he added.
The NDDC also urged its stakeholders to appreciate the fact that “Regional Development needs a robust funding mechanism to effectively address specific and urgent development needs in the Niger Delta region, and that “obviously, timely and flexible financial decision-making is crucial to respond effectively to dynamic regional challenges.”
“The funding plan is meant to insulate the NDDC from the inflationary pressure which is impairing the ability of the Commission to complete its development projects on schedule.
“There is no doubt that funding is critical to the development of the Niger Delta region and the implementation of the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration<” he said.
While commending the 10th National Assembly for always supporting the Commission in the urgent task of developing the Niger Delta region, Ughakpoteni said the expeditious passage of the NDDC 2024 budget underscored the devotion of the lawmakers to regional development and to the greater welfare of the Niger Delta people.
The Commission further appealed to all stakeholders to refrain from making hasty judgments on our initiative to pool resources for urgent development purposes.
“They can be rest assured that we are dedicated to the development of the Niger Delta region and the welfare of its people,” the NDDC spokesman said.