The Niger Delta Development Commission (NDDC) Interim Management Committee has finally been recommended for dissolution by the Senate Committee investigating the alleged financial recklessness in the Agency.
The Chairman of the committee, Senator Olubunmi Adetukunmbi, submitted to the Senate plenary on Thursday a detailed report which revealed that the NDDC spent N1.334 trillion in five years.
He further disclosed that the IMC was involved in reckless spending where they spent based on what he described as “cash accounting”, and not based on the “budget”.
He made it clear that the mode of “running the accounting system” by the IMC was an aberration to the act establishing the agency.
According to him, the IMC spent a whooping sum of N81.5 billion in three months, lamenting that the money was not spent on development-oriented infrastructure in line with the mandate of the NDDC.
The report also recommended that the NDDC be returned to the presidency for supervision with the setting up of a supervisory board by governors of the nine Niger Delta States.