The Nigerian Senate has disclosed that it has discovered an intervention fund in the sum of $400 million that has been lying fallow in the banks for years, News About Nigeria reports.
This was made known by the lawmaker representing Kogi Central and the Chairman of the Senate Committee on Local Content, Senator Natasha Akpoti-Uduaghan, during a session with the Nigerian Content Development and Monitoring Board, NCDMB.
She noted that these funds have been in the banks for a long time, despite Nigerians having use for them.
She further questioned why they have not been disbursed to Nigerians who need the funds and who will put them to good use.
According to her, these funds will attract oil and gas equipment manufacturers to Nigerian Oil and Gas Parks Scheme (NOGaPS) facilities, as well as increase access to affordable finance by the manufacturing entities.
Breaking down the budget of the fund, Akpoti-Uduaghan noted that $30 million was budgeted for capacity building in oil and gas, while $20 million was meant for women in oil and gas businesses.
She also disclosed that $50 million of the local content development fund available for research and development in the oil and gas industries was also domiciled in the Central Bank of Nigeria.
She therefore urged the board to explain to Nigerians who are not aware of the availability of the fund how they can access it.
She also urged the NCDMB to make the funding opportunities accessible to ordinary Nigerians, maintaining that it would be of immense help to them.
