The Federal Government has begun the process to recover $4 billion owed the Niger Delta Development Commission (NDDC) by International oil companies (IOCs), the Minister of Niger Delta Godswill Akpabio said.
The minister who made the disclosure at the weekly briefing organised by the Presidential Media Team, on Thursday, also sets 2022 target for the completion of the East West Road, adding that the President Muhammadu Buhari’s administration prioritizes the completion of the project by setting other smaller projects in the region.
He confirmed that the Forensic audit report of the NDDC has been completed and would be submitted to President Buhari at his convenience.
Akpabio also said the commission debts profile to contractors stood at about N3 trillion, noting however that not all contracts awarded with costs can 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.
He said: “All the international oil companies are owing and efforts are ongoing to recoup the money,” he said but declined to provide details before the submission of the forensic report to President Buhari.
The NDDC was established in 2000 to develop the oil-rich Niger Delta region in southern Nigeria.
Speaking more on the completion of the East West Road in 2022 which was started 16 years go, Akpabio stated that in the 2021 appropriation, the NDDC diverted N10 billion from other projects to execute the East West road in view of its critical importance to the people of the region.
He said N7 billion has so far been released out of the N10 billion adding that over N75 billion would be required to complete lots 1-4 of the road project.
