6 June 2014

Nigeria: CBN Disburses N232 Billion From Power, Aviation Intervention Fund

The Central Bank of Nigeria (CBN) disbursed N232.56 billion from the Power and Airline Intervention Fund as at Dec. 31, 2013.

The apex bank said in a circular posted on its website on Friday that the two sectors expended the money on the execution of 87 projects.

It said that airlines got N116.92billion for 36 projects, while the power sector collected N115.73billion for 51 projects.

The News Agency of Nigeria (NAN) recalls that the Federal Government in 2013 released N300 billion as bailout fund to the two sectors.

The fund is to fast-track ongoing power projects and provide loan to local airline operators.

Copyright © 2014 Daily Independent. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.