{"id":112536,"date":"2024-06-12T22:28:06","date_gmt":"2024-06-12T21:28:06","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=112536"},"modified":"2024-06-12T22:28:06","modified_gmt":"2024-06-12T21:28:06","slug":"n1-9trn-nddc-budget-to-fund-legacy-projects-director","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/n1-9trn-nddc-budget-to-fund-legacy-projects-director\/","title":{"rendered":"N1.9trn NDDC budget to fund legacy projects- Director"},"content":{"rendered":"<div id=\"m#msg-f:1801687795367076597\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">By Bayo Davids<\/div>\n<div class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<p>The over N1trn allocated to the Niger Delta Development Commission (NDDC) in the 2024 budget is targeted at completing ongoing development projects in the region, Director, Corporate affairs of the Commission, Pius Ughakpoteni disclosed in a statement obtained by our correspondent on Wednesday<\/p>\n<p>The statement read in part, \u201cThe NDDC appreciates the concerns expressed in some quarters over the plan to obtain credit lines of N1trn to fund the completion of on-going and new legacy projects of the commission across the Niger Delta region.<\/p>\n<p>\u201cThe Senate had in its wisdom 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.<\/p>\n<p>\u201cIt 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.<\/p>\n<p>\u201cThe 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.\u201d<\/p>\n<p>The NDDC image maker also clarified the rationale for a diverse finance portfolio saying \u201cWhile emphasizing 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.<\/p>\n<p>\u201cThe 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.<\/p>\n<p>\u201cWe 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,\u201d the statement added.<\/p>\n<p>Ughakpoteni further disclosed that the<br \/>\nfunding 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.<\/p>\n<p>\u201cThere 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\u2019s administration.<\/p>\n<p>\u201cWe 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.<\/p>\n<p>\u201cWe appeal to our stakeholders to refrain from making hasty judgments on our initiative to pool resources 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,\u201d he added.<\/p><\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Bayo Davids The over N1trn allocated to the Niger Delta Development Commission (NDDC) in the 2024 budget is targeted at completing ongoing development projects in the region, Director, Corporate&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":112537,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-112536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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