President Goodluck Jonathan has sought the approval of the Senate for the 2015 budget of the Niger Delta Development Commission estimated at N299.5bn.
The amount is N23.1bn lesser than that of 2014 which was N322.6bn.
In a letter read on the floor by Senate President, David Mark, President Jonathan said he was acting in accordance with Section 18 (1) of the NDDC Establishment Act, for the kind consideration and approval of the National Assembly.
He said, “The Commission has submitted a budget proposal of N299,526,463,156.12 for 2015 as against N322,600,000,000.00 only in 2014, representing a decline of 7.1 per cent over last year’s budget.”
The proposed budget according to the president, is made up of Personnel Expenditure of N16,133,370.00, Recurrent Expenditure of N10,423,031,000, Internal Capital Expenditure of N1,879,076,000.00 and Capital Projects Development Expenditure of N271,089,900,000.00 only.
The sources of revenue for the proposed budget, he added, are revenue brought forward of N10bn; Federal Government contribution of N70bn; unpaid arrears by FG of N20bn; and oil companies contribution and others of N160bn.
Jonathan also explained that the budget would be funded with Ecological Fund of N40bn and other internally realised income estimated at N100m, amounting to the total sum of N300.1bn.