The Senate Committee probing the alleged financial mismanagement of the Niger Delta Development Commission (NDDC) has proposed that the Commissions’ interim Management Committee be dissolved.
This was contained in a detailed report which was submitted by the Senate Committee Chairman, Senator Olubunmi Adetukunmbi, at the Senate plenary session on Thursday.
The report revealed that the NDDC spent spent N1.334 trillion in the last five years, Adetukunmbi, through the report explained that the NDDC Interim Management Committee had ignored budget spending and recklessly spent based on “cash accounting”.
He further stated in the report that actions of the Interim Management Committee to have ran an accounting system based spending is in contrary with the rules guiding the agency’s establishment, pointing out that about N81.5 billion was mal handled by the agency within a period of three months.
The chairman lamented that the money was not spent on developmental projects which was in contrary to the objectives of the Niger Delta Development Commission; however, the report proposed that the agency be returned back to the presidency.
And that a supervisory board should be set up in conjunction with the nine Governors in the Niger Delta States.
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