The approval was given after the consideration of report of the Senate Committee on Niger Delta on 2016 budget, presented by the committee chairman, Peter Nwaoboshi.
He added that the unpaid arrears of N50 million by the Federal Government for the 2016 was reflected in the NDDC budget estimate but was not captures in the 2016 Appropriation Act and therefore not realisable.
Nwaoboshi further stated that the Senate, the House of Representative and Management of NDDC agreed to increase the revenue profile of the oil companies as there has been significant increase in the remittance arising from the interventions by the National Assembly.
He said the reduction were made only in the capital projects amounting to 8,2 percent cut across the states and regional and did not affect the recurrent expenditure.
The Senate President, Bukola Saraki, commended the committee for a good work especially significant increase in the remittance by oil companies.
– CAJ News