Minister of Niger Delta Affairs, Senator Godswill Akpabio has revealed that International oil companies (IOCs) owe the Niger Delta Development Commission (NDDC) over $4 billion.
The IOCs are required to provide three per cent of their annual budgets to the commission as their statutory contribution to its funding.
According to Akpabio, none of the IOCs has paid so far.
The Minister made this known during the weekly ministerial briefing organised by the Presidential Communication Team at the Presidential Villa, Abuja.
Akpabio said: “NDDC is being owed $4billion by the OICs unremitted funds. The Federal Government is also owing a little bit of its part that it should do to the NDDC.
“I believe that with the audit of the commission, we will begin to offset those things working closely with the Ministry of Finance.
“There are plans to pay those debts. I want to see a balance sheet of the NDDC that is bankable.
“The IOCs are expected to pay to the NDDC three per cent of their annual budgets. All of them have failed to do so at different times.”
