NDDC received N32bn from oil Coys in 3 months says Semenitari

The acting Managing Director Niger Delta Development Commission (NDDC) Mrs Ibim Semenitari says the commission spent N9.2 billion on execution of projects between January  and March, 2016,  on Sunday when she featured on the News Agency of Nigeria (NAN) Forum in Abuja. “As at January  1 2016, our balance of account was N9.9 billion. And then within this period under review that is – January to March- for that first quarter, we received N6.8 billion from the Federal Government and N32 billion from oil companies, so that total inflow as at March was about N48. 9billion. “These are the expenses we have made in the course of the period. “The recurrent payment including salary and allowances and other expenditure stood at N7 billion and payment for projects stood at N9.2 billion. “There was no acquisition  of any capital fixed asset within the period under review. “So, the total expenditure within the period under review is N16.3 billion and the cash balance as at March 25, 2016 was N32. 26 billion. “This means that when I make payment this week or next week that means that it would be taken to the second quarter.’’ Mrs Semenitari reiterated that  before the commission paid any contractor, it processed the interim payment certificate. “ And then the number of interim payment certificates that have been processed for payment is 153 but we have worked more than this number “Those that are still in the process, action is being taken, some of them have treated 493 interim payment certificates.’’ Semenitari said the commission paid 642 out of 8600 contractors during the period under review. “Basically, what I am saying is that I have addressed over 600 contractors. In other word, 600 projects have treated during the period under review. “We have been able to complete about 28 projects in this period.’’ (NAN)

You might also Like:  Argentina eyes World Cup hosting bid

You may also Like

Loading...