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.

Karlovych:
Over 4 billion dollars is not an exact figure, what sort of dull clowns did the vegetable appoint? The worst part is they will bribe auditors if the institution is to be properly audited, shameless thieves

Druss:
Let's do the Maths. Is NDDC saying that the IOCs have between 2001 and now realized 133 billion dollars from Nigeria in revenue?

Is NDDC saying they have not gotten money from the IOCs? I trust they realize that most IOC ventures are a partnership in some form between the IOC and the government i.e. NNPC.

This one is not giving full information. Also I thought it was 1% unless my memory fails me. When did it become 3%?