Senator Natasha Akpoti-Uduaghan, representing Kogi Central, unveiled a startling revelation during a session with the Nigerian Content Development and Monitoring Board (NCDMB) – $400 million in intervention funds have languished in banks and financial institutions for years despite excruciating economic hardship in the land.
Among the discovered funds, $30 million earmarked for capacity building in the oil and gas sector, and $20 million intended for women in the industry, stand out.
$50 million was designated for research and development in oil and gas sits idle in the Central Bank of Nigeria, raising concerns over accessibility and utilization.
Senator Akpoti-Uduaghan pressed the NCDMB to democratize access to these funds, advocating for increased participation of ordinary Nigerians in oil and gas ventures.
With the potential to attract oil and gas equipment manufacturers to Nigerian Oil and Gas Parks Scheme (NOGaPS) facilities, these funds could revolutionize the industry and provide affordable finance options for manufacturing entities.
In response, the Executive Secretary of NCDMB, Engr Felix Ogbo, disclosed that the $300 million Nigerian Content Intervention Fund remains stagnant in the Bank of Industry, with disbursements totaling $330 million thus far.
Ogbo assured the Senate committee of stringent monitoring mechanisms to ensure loan utilization aligns with intended purposes, underscoring the importance of transparency and accountability in fund management.
