The Niger Delta Development Commission is proposing a new legislation that will allocate 3% of VAT revenue as a supplementary financing source.
This information is contained in a press release issued by the NDDC, which outlines several resolutions reached at the end of the three-day summit.
This initiative arose from the technical sessions at the recently finished Niger Delta Stakeholders Summit 2024, which was held in Port Harcourt, Rivers State, from July 10 to 12, 2024, according to Nairametric.
“At the end of the sessions, the following were arrived at as Resolutions from the entire summit:
“That additional sources of funding for the NDDC such as at least 3% of VAT revenue should be legislated,” a portion of the press release read.
Other funding-related resolutions from the recently concluded NDDC summit include an aggressive pursuit and collection of all due and outstanding payments owed to the Commission by statutory sources, including the Federal Government and the ecological fund.
Another resolution states that the implementation of the regional development strategy should be financed through three sources: traditional budget sources (Federal Government, Internally Generated Revenue, etc.) at 33.3%, public-private partnerships at 33.3%, and development finance at 33.3%.
Furthermore, the Niger Delta Development Bank (NDDB) was established to mobilize development money from both domestic and international sources, with a focus on lending to SMEs in the region to support economic and industrial growth.
At the end of the Niger Delta Stakeholders Summit, several key decisions were adopted.
The conference emphasized the critical need to complete the East-West Road, which has been in the works for nearly two decades, to improve regional mobility.
There was also a call for the reactivation of the NDDC Advisory Committee under Section 11 of the NDDC (Establishment, etc.) Act, 2000 (as amended), to provide advice and monitor the Commission’s activities.
Also, the summit argued for the Commission’s departure from the Treasury Single Account (TSA) Policy, which limits its ability to fully implement its interventionist mandate.
It asked the Federal Government to closely adhere to the NDDC Act’s tenure rules, avoid frequent board dissolutions, and abolish the use of interim management. The Commission should also be safeguarded from political influence that puts undue pressure on its leaders.
