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.

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