NIGER DELTA DEVELOPMENT COMMISSION APPROPRIATION ACT 2012 ACT NO 1

(1)
The Executive Director of Finance and Administration shall, when authorised to do so by warrants signed by the Managing Director and Chief Executive Officer of the Niger Delta Development Commission, payout of the Statutory Revenue Fund of the Commission during the financial year 2012, the sum specified by the warrant, not exceeding in the aggregate N261 ,037,690,536.00 (two hundred and sixty-one billion, thirty-seven million, six hundred and ninety thousand, five hundred and thirty-six Naira).
(2)
The amounts mentioned in subsection (I) of this section shall be appropriated to heads of expenditure as indicated in the Schedule to this Act.
Schedule

All amounts appropriated under this Act shall be issued from the Statutory Revenue Fund of the Niger Delta Development Commission (NDDC) only for the purposes specified in the Schedule to this Act.
Schedule

(1) All revenue accruing to the Niger Delta Development Commission other than the statutory revenue shall be paid into a dedicated account of Niger Delta Development Commission.
(2)
No moneys shall be withdrawn from the account mentioned in subsection (I) of this section without appropriation by the National Assembly.

In the event that the implementation of any of the projects intended to be undertaken under this Act cannot be completed without virement, such virement shall only be effected with the prior approval of the National Assembly.

(1)
The Managing Director and Chief Executive Officer and Director of Treasury of the Niger Delta Development Commission shall, immediately upon the coming into force of this Act, furnish the National Assembly, on a monthly basis, the status of the records of the Niger Delta Development Commission and statutory accounts.
(2)
All Accounting Officers of the Niger Delta Development Commission, Departments and Officers who control heads of expenditure shall present to the National Assembly quarterly reports detailing the progress of implementation of the provisions of this Act.

Where, due to revenue shortfall, amounts appropriated under this Act cannot be funded, the Niger Delta Development Commission shall seek from the National Assembly a waiver not to incur such expenditure.

This Act may be cited as the Niger Delta Devclonment Commission Appropriation Act, 2012.