On Thursday the Senate Committee investigating the alleged financial recklessness in the Niger Delta Development Commission (NDDC) has recommended the dissolution of the agency’s Interim Management Committee.

In a detailed report which was submitted to the Senate plenary by the Chairman, Senator Olubunmi Adetukunmbi, it was revealed that the NDDC spent N1.334 trillion in five years.

Adetukunmbi said the IMC was involved in reckless spending where they spent based on “cash accounting”, and not based on the “budget”.

According to Adetukunmbi, the mode of “running the accounting system” by the IMC was an aberration to the act establishing the agency.

Adetukunmbi said the IMC spent a whooping sum of N81.5 billion in three months, lamenting that the money was not spent on development-oriented infrastructure in line with the mandate of the NDDC.

The report also recommended that the NDDC be returned to the presidency for supervision with the setting of supervisory board by governors of the nine Niger Delta States.

Details later….