During a session with the Nigerian Content Development and Monitoring Board (NCDMB), the Chairman of the Senate Committee on Local Content, Natasha Akpoti-Uduaghan, disclosed that the Senate had uncovered $400 million in intervention funds in banks and other financial institutions in Nigeria. Out of this amount, $30 million was budgeted for capacity building in oil and gas, $20 million for women in oil and gas businesses, and $50 million for local content development fund available for research and development in oil and gas industries, which was domiciled in the Central Bank of Nigeria (CBN).
Senator Akpoti-Uduaghan questioned why the funds were not accessible to ordinary Nigerians, and called on the NCDMB to make the funding opportunities available to the public. She revealed that the funds could attract oil and gas equipment manufacturers to Nigerian Oil and Gas Parks Scheme (NOGaPS) facilities, and increase access to affordable finance by the manufacturing entities.
The Executive Secretary of NCDMB, Engr Felix Ogbo, responded by disclosing that the $300 million meant for the Nigerian Content Intervention Fund was still domiciled in the Bank of Industry (BoI). He clarified that the entire $300 million has been disbursed, and the total amount disbursed so far was $330 million. Ogbo further explained that as beneficiaries pay, the money would be given to others who want to borrow.