…presents N322.6b NDDC budget to Senate

President Goodluck Jonathan yesterday presented N322.600 billion as this year's budget proposal of the Niger Delta Development Commission (NDDC) to the Senate for  approval.

The figure represented 2.1 per cent increase on last year's budget of the commission which stood at N315.085 billion.

The proposed budget comprised Personnel  Expenditure of N15.80billion, Recurrent Expenditure of N10.186 billion, Capital Expenditure of N2.281billion and Project Development Expenditure of N295.051billion.

According to Mr. President's letter, sources of revenue for the proposed budget include  N23 million brought forward, Federal Government's contribution of N50million and Federal Government's contribution of excess crude arrears of N50million.

Other sources are oil companies contribution of N130million, Ecological Fund of N57 million, internally generated revenue (IGR) of N100million and  unpaid arrears from 2012 approved budget of N12.5million.