Senate Committee investigating the alleged monetary recklessness within the Niger Delta Improvement Fee (NDDC) has beneficial the dissolution of the company’s Interim Administration Committee.
In an in depth report which was submitted to the Senate plenary on Thursday by the Chairman, Senator Olubunmi Adetukunmbi, it was revealed that the NDDC spent N1.334 trillion in 5 years.
He mentioned the IMC was concerned in reckless spending the place they spent primarily based on “money accounting”, and never primarily based on the “price range”.
In accordance with him, the mode of “working the accounting system” by the IMC was an aberration to the act establishing the company.
He mentioned the IMC spent a whooping sum of N81.5 billion in three months, lamenting that the cash was not spent on improvement oriented infrastructure in keeping with the mandate of the NDDC.
The report additionally beneficial that the NDDC be returned to the presidency for supervision with the setting of supervisory board by governors of the 9 Niger Delta States.