The Niger Delta Development Commission (NDDC) is advocating for new legislation to allocate 3% of the Value Added Tax (VAT) revenue as an additional funding source.
This initiative emerged from the technical sessions at the recently concluded Niger Delta Stakeholders Summit 2024, held in Port Harcourt, Rivers State, from July 10 to 12, 2024.
This information is contained in a press release issued by the NDDC, which outlines several resolutions reached at the end of the three-day summit.
“At the end of the sessions, the following were arrived at as Resolutions from the entire summit:
“That additional sources of funding for the NDDC such as at least 3% of VAT revenue should be legislated,” a portion of the press release read.
Other funding-related resolutions from the recently concluded NDDC summit include a vigorous pursuit and recovery of all due and outstanding funds owed to the Commission from statutory sources, including the Federal Government and the ecological fund.
Another resolution specifies that the implementation of the regional development strategy should be financed through three sources: traditional budget sources (Federal Government, Internally Generated Revenue, etc.) at 33.3%, public-private partnerships at 33.3%, and development finance at 33.3%.
Additionally, the establishment of the Niger Delta Development Bank (NDDB) was prioritized to mobilize development finance from local and global sources, with a focus on providing loans to SMEs within the region to drive economic and industrial growth.
At the conclusion of the Niger Delta Stakeholders Summit, several significant resolutions were adopted.