Minister of Niger Delta Affairs, Senator Godswill Akpabio, has said that international oil companies (IOCs) operating in the Niger Delta have defaulted in their statutory three percent remittances to the Niger Delta Development Commission (NDDC) to the tune of $4 billion.
Oil firms operating in the area were expected to provide three percent of their annual budgets to the commission, but none of the companies complied with this.
Akpabio, who was a former Governor of Akwa Ibom State made the claim on Thursday at the weekly ministerial briefing held at the State House in Abuja.
He noted that oil firms operating in the area are expected to provide three percent of their annual budgets to the commission, but none has complied with this.
The minister promised that the ministry will take a keen interest in the implementation of the three percent provided in the Petroleum Industry Act (PIA) for the host communities.
Akpabio also hinted that the NDDC owes contractors three ₦3 trillion, but clarified that not all awarded contracts costs can be regarded as debt.
He disclosed that about 109 projects implemented in the South-South would be commissioned soon.