The Niger Delta Development Commission (NDDC) plans to allocate N1 trillion for “legacy projects” in 2024, as outlined in the proposed budget submitted to the National Assembly.
This amount constitutes a portion of the N1.8 trillion total budget for the 2024 fiscal year.
Samuel Ogbuku, the Managing Director of NDDC, stated during the budget defense before the House of Representatives Committee on NDDC that the funding will be sourced from development and commercial banks.
“We have strategically made provisions towards diversifying our source of funding as we intend to source an aggregate sum of Nitrillion to fund ongoing legacy projects of the Commission in 2024,” Mr Ogbuku told the lawmakers.
The Managing Director did not provide specific details about the projects. This proposal comes at a time when Nigeria is dealing with a high national debt.
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