International oil companies owe NDDC more than $4bn

Senator Godswill Akpabio

Minister, Niger Delta Affairs Ministry, Senator Godswill Akpabio, has disclosed that International Oil Companies (IOCs) operating in Nigeria are owing the Niger Delta Development Commission (NDDC) more than $4 billion.

Akpabio stated this on Thursday, during the weekly ministerial briefing put in place by the Presidential Communication Team at the Presidential Villa.

According to the former governor of Akwa Ibom State, “all the international oil companies are owing and efforts are ongoing to recoup the money,”

The minister, who said NDDC on its part is owing contractors about N3 trillion, however, added that not all contracts awarded with costs could be regarded as debt.

According to him, the over N600 billion of emergency contracts that had been awarded had not been implemented and cannot, therefore, be regarded as NDDC debt.

Akpabio, while giving updates on the progress in the commission, said about 109 projects had been implemented Niger Delta states.

He said the NDDC diverted the sum of N10 billion from other projects to execute the East-West road in view of its critical importance to the people of the region.

Akpabio disclosed that he had written to President Muhammadu Buhari, to include the project in Sukuk Fund so that it can be ready for commissioning during the lifespan of the present administration

Akpbio said “about N45 billion is needed to complete the road project.