The Nigerian Senate has revealed the existence of $400 million in intervention funds held in banks and other financial institutions for four years.
Senator Natasha Akpoti-Uduaghan, Chairperson of the Senate Committee on Local Content, made this disclosure during a session with the Nigerian Content Development and Monitoring Board (NCDMB).
Akpoti-Uduaghan explained that among the uncovered funds, $30 million was allocated for capacity building in the oil and gas sector, while $20 million was designated for women engaged in oil and gas businesses.
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Additionally, $50 million from the local content development fund, earmarked for research and development in the oil and gas industries, was found to be domiciled in the Central Bank of Nigeria (CBN).
The Senator questioned why the funds were lying fallow without Nigerians accessing them and called on the Nigeria Local Content Development Board, NCDMB to make the funding opportunities accessible to ordinary Nigerians.
According to her, the funds are capable of attracting 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.
But in his response, the Executive Secretary of NCDMB, Engr Felix Ogbo, revealed that the $300 million meant for the Nigerian Content Intervention Fund was still domiciled in the Bank of Industry (BoI).
He said that the entire $300 million has been disbursed, adding that the total amount disbursed so far was $330 million, explaining that as beneficiaries pay, the money would be given to others who want to borrow.