By Mohammed Bello Doka
In a recent revelation, the Nigerian Senate has brought to light the existence of $400 million in dormant intervention funds stashed away in various banks and financial institutions across the country. The disclosure was made by Senator Natasha Akpoti-Uduaghan, representing Kogi Central and serving as the Chairperson of the Senate Committee on Local Content, during a session with the Nigerian Content Development and Monitoring Board (NCDMB).
Out of the staggering sum uncovered, $30 million was originally allocated for capacity building within the oil and gas sector, while an additional $20 million was earmarked to support women entrepreneurs in the same industry. Furthermore, a substantial $50 million was designated for research and development initiatives within the oil and gas domain, with these funds currently lying dormant in the Central Bank of Nigeria.
Senator Akpoti-Uduaghan voiced her concerns regarding the inexplicable dormancy of these funds, emphasizing the need for greater accessibility to benefit ordinary Nigerians. She urged the NCDMB to facilitate transparent processes that would enable citizens to access these funds, which could potentially attract oil and gas equipment manufacturers to Nigerian Oil and Gas Parks Scheme (NOGaPS) facilities, while also providing increased access to affordable finance for manufacturing entities.
In response to the Senate's inquiries, the Executive Secretary of NCDMB, Engr Felix Ogbo, disclosed that the $300 million designated for the Nigerian Content Intervention Fund remains lodged within the Bank of Industry. Ogbo clarified that while the entire $300 million has been disbursed, totaling $330 million when accounting for disbursed amounts, rigorous monitoring mechanisms are in place to ensure the funds are utilized appropriately.
"Bank of Industry carries out quarterly monitoring to ensure the companies use the loan for the purpose it was meant for. We also carry out joint annual project monitoring with the Bank of Industry," Ogbo affirmed.
As part of its oversight duties, the Senate committee has mandated the submission of audited accounts for NCDMB from 2021 to 2022, alongside the budgetary performances of 2022 and 2023, and a nominal roll of the Board. This move underscores the Senate's commitment to ensuring accountability and transparency in the management of public funds, while also advocating for the effective utilization of resources to drive national development.
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