The Senate says it has uncovered $400 million intervention funds domiciled in banks and other financial institutions in the country.
Chairman of the Senate Committee on Local Content, Natasha Akpoti-Uduaghan, stated this during a session with the Nigerian Content Development and Monitoring Board (NCDMB).
The Kogi lawmaker revealled that out of the intervention funds uncovered, $30 million was budgeted for capacity building in oil and gas while $20 million was meant for women in oil and gas businesses.
According to her, another $50 million of local content development fund available for research and development in oil and gas industries was also 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.
