House of Reps Moves to Expand SSDC Funding Sources

The House of Representatives has initiated efforts to expand funding sources for the South South Development Commission (SSDC) to better fulfill its mandate of promoting sustainable development in the South South region. Mr. Julius Pondi, Chairman of the House Committee on the SSDC, announced this during a public hearing on a Bill to amend the South South Development Commission (Establishment) Act, 2025.

He emphasized the need for broad stakeholder participation due to the oil and gas industry's significance. Despite the South-South's substantial contributions to national revenue, the region faces significant developmental challenges that require sustained funding.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), represented by Kingsley Chikwendu, supported a sustainable funding framework but expressed concerns over a proposal mandating oil companies to contribute three percent of their annual budgets to the SSDC. The NUPRC warned this could impose additional costs on operators already meeting various statutory obligations.

Similarly, the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Oil Producers Trade Section cautioned against new levies, advocating for clarity and a balanced approach to funding mechanisms.