Business
NDDC Budgets N12bn For Rivers
Rivers State is billed to earn the lion share in projected oil production revenue, if the budget presented by the Niger Delta Development Commission (NDDC) to the House Committee on NDDC for 2009 sails through
Following projection made from expected revenue accruing from oil production, the state is billed to earn about N12,147, 042,200ahead of Abia, N7,717,203, 420 followed by Akwa-Ibom N5,025, 262, 083, Cross River N4,898,064,664.
Ondo is to get N2,029,174, 352 followed by Bayelsa N734, 852,916, Edo N498,955,378mand Delta N131, 379,865.
The commission’s Acting managing director, Pastor Aginighan told the House committee that a total of N33.8billion or 35 per cent of the total revenue expected from production of oil is from the states.
Of the N97billion budgeted for 2009, about N19.3billion is being shared equally among the nine states of Abia, Akwa-Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers .
This shows a significant increase of 8.3 percent of the 2008 budget of N89.2billion.
According to Pastor Aginighan, the increase is as a result of the 2008 excess crude oil arrears appropriated for the agency in the 2009 budget.
His words, “ the focus for this year’s budget is to adequately provide for all on-going projects and the completion of building projects including schools and health centres, paving way for full master plan based budgeting, using the medium term sector strategy (MTSS) and Medium Term Expenditure Framework (MTEF) budgeting tools for 2010-2012 plan period” he said.
He reiterated that the budget which is the second year of the foundation phase of the Master Plan to last until 2012 aims at providing physical infrastructure in the region, stimulate the region’s economy, reduce poverty as well as create the enabling environment for industrial development.
A housing estate already completed under the Akwa Ibom State Government-assisted housing project in all the 31 Local Government Areas of the state.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.