International oil companies operating in Nigeria are owing the Niger Delta Development Commission (NDDC) over $4 billion, the Minister of Niger Delta Development, Godswill Akpabio.

Mr Akpabio said this Thursday while briefing journalists at the State House in Abuja at the weekly briefing organised by the presidential communications team.

He said the NDDC law mandates IOCs to pay three per cent of their revenue to the agency, but oil firms have been defaulting for years. The NDDC was set up in 2001 as an interventionist agency to aid the development of the oil-rich Niger Delta.

“All of them have been defaulting and efforts are ongoing to get them to pay,” Mr Akpabio disclosed.

Source:- Premium Times

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