By Ikugbadi Oluwasegun
The House of Representatives has commenced consideration of a bill to amend the South-South Development Commission Act, 2025, to expand the Commission’s funding through allocations from the Value Added Tax, Ecological Fund and statutory contributions from extractive industries and agricultural processing companies.
The proposal was examined at a public hearing organized by the House Committee on the South-South Development Commission.
Chairman of the Committee, Julius Pondi, said the amendment is aimed at strengthening the Commission’s financial capacity to tackle infrastructure deficits, environmental degradation, unemployment and other development challenges in the South-South, while giving stakeholders the opportunity to make inputs before the bill is passed.
The proposal requiring oil and gas companies to contribute 3% of their annual budgets generated mixed reactions.
Minister of State for Regional Development, Uba Ahmadu, opposed the provision, warning it could discourage investment in the sector, while Chairman of the South-South Development Commission Governing Board, Chibudom Nwuche, backed the proposal, saying it would improve the Commission’s ability to deliver on its mandate.
Managing Director and Chief Executive Officer, South-South Development Commission, Usoro Offiong Akpabio, also called for greater investment to unlock the South-South’s economic potential beyond oil as the committee prepares its report for the House.
