The Niger Delta Development Commission (NDDC) has proposed a budget of N1.911 trillion for the 2024 fiscal year, which has been dubbed the "Budget of Renewed Hope".

The managing director of NDDC, Samuel Ogbuku, presented the budget proposal to the House of Representatives Committee on NDDC in Abuja.

Ogbuku stated that the primary objective in preparing the budget was to achieve sustainable economic development for the Niger Delta region. He emphasized that a critical focus of this budget is the current management's commitment to a "greener future".

According to Ogbuku, the NDDC's actual aggregate revenue inflows as of April 30th were N683.2 billion, which is approximately 78% of the targeted N876 billion. This revenue comprises N146.4 billion (122%) from the Federal Government and N394.5 billion (14%) from oil and gas companies. The commission also carried forward N105 billion from 2023.

The proposed budget allocates N38.5 billion for personnel, N29.2 billion for overhead costs, and N8.7 billion for internal capital.

Additionally, N1 trillion is earmarked for legacy projects to be funded through borrowings from development and commercial banks, while N835.2 billion is projected for project development.

The chairperson of the House Committee on NDDC, Suenu Ibori, emphasized the importance of thoroughly examining the budget to ensure its optimal use and alignment with the best interests of the Niger Delta region.

She commended the NDDC for the remarkable improvements in health and education, as well as the "Operation light up the Niger Delta" initiative, which has benefited many communities, while acknowledging that there is still room for further improvements.