Senate Uncovers $400m Intervention Funds In Banks

The Nigerian Senate announced the discovery of $400 million in intervention funds held in banks and other financial institutions for several years. During a meeting with the Nigerian Content Development and Monitoring Board (NCDMB), Senator Natasha Akpoti-Uduaghan, Chair of the Senate Committee on Local Content, revealed this information.

Akpoti-Uduaghan specified that $30 million was allocated for capacity building in the oil and gas sector, while $20 million was designated for women in oil and gas businesses. Additionally, $50 million from the local content development fund, intended for research and development in the oil and gas industries, was found in the Central Bank of Nigeria (CBN). She questioned why these funds remained unused and urged the NCDMB to ensure accessibility for ordinary Nigerians.

Akpoti-Uduaghan emphasized the potential of these funds to attract oil and gas equipment manufacturers to Nigerian Oil and Gas Parks Scheme (NOGaPS) facilities and enhance access to affordable finance for manufacturing entities. In response, Engr Felix Ogbo, the Executive Secretary of NCDMB, clarified that the $300 million allocated to the Nigerian Content Intervention Fund still resided in the Bank of Industry (BoI).

He noted that the entire $300 million had been disbursed, with a total of $330 million distributed thus far, and explained that as beneficiaries repay the loans, the funds would be made available to others seeking borrowing opportunities.


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