International oil companies operating in Nigeria are owing the Niger Delta Development Commission (NDDC) over $4 billion, the Minister of Niger Delta Development, Godswill Akpabio.
Mr Akpabio said this Thursday while briefing journalists at the State House in Abuja at the weekly briefing organised by the presidential communications team.
He said the NDDC law mandates IOCs to pay three per cent of their revenue to the agency, but oil firms have been defaulting for years. The NDDC was set up in 2001 as an interventionist agency to aid the development of the oil-rich Niger Delta.
“All of them have been defaulting and efforts are ongoing to get them to pay,” Mr Akpabio disclosed.
Support PREMIUM TIMES' journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: To advertise here . Call Willie +2347088095401...