Stakeholders Seek Establishment of Niger Delta Development Bank, 3% VAT for Funding 

To ensure sustainable development of the Niger Delta region, stakeholders have called for the establishment of Niger Delta Development Bank (NDDB) and 3 per cent of the Value Added Tax (VAT) revenue as an additional source of funding for projects in the region.  

They made the call during the Stakeholders Summit with the theme, “Renewed Hope for Sustainable Development of the Niger Delta,” organized by the Niger Delta Development Commission (NDDC), in Port Harcourt, Rivers State.

 The summit brought together key stakeholders in the region to deliberate on issues affecting the region and its development, with a view to further transform and develop the Region.

A communique issued at the end of the meeting addressed some of the pressing issues that have been on the minds of Niger Deltans.

According to the communiqué, “That additional sources of funding for the NDDC such as at least 3 per cent of VAT revenue should be legislated.”  

Other funding-related resolutions from the summit include a vigorous pursuit and recovery of all due and outstanding funds owed to the Commission from statutory sources, including the federal government and the ecological fund.  

Another resolution specifies that the implementation of the regional development strategy should be financed through three sources: traditional budget sources (Federal Government, Internally Generated Revenue, etc.) at 33.3 per cent, public-private partnerships at 33.3 per cent, and development finance at 33.3 per cent.  

Additionally, the establishment of the Niger Delta Development Bank (NDDB) was prioritised to mobilise development finance from local and global sources, with a focus on providing loans to SMEs within the region to drive economic and industrial growth.