The revelation was revealed by Sen. Ned Nwoko (PDP-Delta North), a member of the Senate Committee on NDDC, during an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday.
Nwoko declared that the IOCs owed the commission hundreds of billions of dollars and promised that the committee will invite them, look into their actions, and make sure they followed the law.
He asserts that several IOCs are profitable in Nigeria but are not paying their dues to the commission.
Insisting that they do it is also necessary. That's what they have to do. They owe the NDDC coffers hundreds of billions of dollars, you know. Thus, we'll extend an invitation to them, look into them, and ensure that they act morally.
"We do not wish to impede their efforts, but they are required by Nigerian law to provide housing for communities. They have to take care of that.
"We will not accept it, so I don't think any member of the NDDC committee will be compromised."
He added that the committee and the tenth assembly were ready to guarantee that the NDDC carried out the project effectively.
"The legislation that established the NDDC provides a clear explanation of its work; certainly, this is the eleventh assembly, but we are not like the assemblies who came before us.
And I am aware that things won't be the same as before; committee members have been made aware that they are not permitted to use actual contractors, as we did during the last assembly.
"They have to follow the right procedures if they are to supervise effectively and fearlessly.
"It is crucial that there be sufficient funding or work to be done because it will improve people's lives," he stated.
The congressman continued by saying that additional funding for the commission would be provided through financial allocation if necessary.
Additionally, he voiced his delight with President Bola Tinubu's selection of the present NDDC leadership, expressing confidence in their abilities.
"They recognize that we are in a new era and that payments to contractors won't be made the way they did in the past when they stole money," he said.
Nwoko emphasized that there will be no justifications and that all contractors must complete their projects.