Senate panel probes alleged $71.65m, N30.7bn unpaid oil firms’ contributions to NDDC
The Senate Committee on the Niger Delta Development Commission (NDDC) has commenced an investigation into allegations that some international oil companies have failed to remit statutory contributions to the commission as required by law.
Section 2(p) of the NDDC Act requires oil-producing companies operating in the Niger Delta to contribute three per cent of their annual operating budgets to the commission to support infrastructure development, environmental remediation and other intervention projects.
Specifically, oil companies are required to contribute three per cent of their annual operating budgets to the commission to support development projects and environmental remediation across the region.
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