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Jonathan proposes N322.6bn budget for NDDC

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President Goodluck Jonathan has proposed a budget of N322.6bn for the Niger Delta Development Commission for its operations in 2014.

The President forwarded the budget estimates in a letter he sent to the House of Representatives in Abuja on Wednesday.

A breakdown of the budget showed that N15.8bn was earmarked for personnel cost; the recurrent expenditure had a provision of N10.1bn, while N2.2bn was proposed for capital.

The bulk of N295bn would be spent on projects and other contractual obligations of the NDDC, as indicated in the letter.

The President’s letter was read to the lawmakers by the Deputy Speaker of the House, Mr. Emeka Ihedioha, who presided over proceedings on Wednesday.

Jonathan said the 2014 budget of the commission was slightly higher than that of 2013 by 2.1 per cent.

The budget will be slated on another legislative day for debate and the second reading by the lawmakers.

Meanwhile, the House deferred the second reading of the 2014 budget of the Federal Capital Territory Administration till another date.

No reasons were given for the development but the debate on the second reading was adjourned to June 3.

The FCDA plans to spend N271.1bn this year. Out of the amount, N49.2bn is for personnel cost, while overhead has a proposal of N62.8bn.

The balance of N159bn takes care of the “capital projects for the service of the FCT.”

The House also received five new bills dealing with the financial sector on Wednesday.

The bills were the People’s Bank of Nigeria Act (Repeal) Bill, 2014; Nigerian Industrial Development Bank (Guarantee) Act (Repeal) Bill, 2014; Federal Savings Banks Act (Repeal) Bill, 2014; Loan (State Development) Act (Repeal) Bill; and Nigerian Bank for Commerce and Industry Act (Repeal) Bill, 2014.

Article Credit: Punchng

Updated 4 Years ago

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Tags:     President Goodluck Jonathan To Offer N322.6bn For NDDC budget