Home News 2024 budget: Fund to be deployed to legacy projects, NDDC says

2024 budget: Fund to be deployed to legacy projects, NDDC says

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The Niger Delta Development Commission (NDDC) has said that he appreciates the concerns expressed in some quarters over the plan to obtain credit lines of N1 trillion to fund the completion of on-going and new legacy projects of the Commission across the Niger Delta region.

Last Tuesday, the Senate 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.

In a statement on Wednesday by NDDC’s Director of Corporate Affairs, Mr. Pius Ughakpoteni said: “It is important to clarify that this fund will be deployed to complete a total of 1,006 legacy projects spread across the region, which includes roads, bridges, electricity projects, school buildings, hospitals, shore protection and reclamation, among others.

“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.

“While emphasising public-private partnerships, we have 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.

“We urge our 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. 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.

“We commend the 10th National Assembly for always supporting us in the urgent task of developing the Niger Delta region. The expeditious passage of our 2024 budget underscores the devotion of the lawmakers to regional development and to the greater welfare of the Niger Delta people.

“We appeal to our stakeholders to refrain from making hasty judgements on our initiative to pull resources together 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”.

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