USA Africa Dialogue Series - Fw: Intervention funds: FG spends N2trn in two years - Punch

 

A new note from the cause For a Corruption-Free Nigeria!

Intervention funds: FG spends N2trn in two years - Punch Posted by Elombah Perspective (cause founder) Tell your friends about this Share this note The Federal Government, under the leadership of President Goodluck Jonathan, has spent at least N1.732trn on intervention funds in different sectors of the economy,SUNDAY PUNCH investigation has found. The figure represents the sum of the amounts approved by the Federal Government as intervention funds between 2010, when Jonathan became President and December 2012. Some of the intervention funds include the N200bn Small and Medium Guarantee Scheme, N200bn Restructuring and Refinancing Facility Scheme and the N300bn Power and Airline Intervention Fund. Others are the N75bn Grooming Enterprise Leaders Business Intervention Fund, N32bn Entertainment Intervention Fund and N10.71bn Commercial Agriculture Credit Guarantee Scheme to six banks by the Central Bank of Nigeria. Also on the long list of intervention funds, are the N300bn approved for the hotel and leisure sub-sector in 2012; N200bn for indigenous pharmaceutical companies and N100bn textile industry bailout. The Federal Government, between 2010 and 2012, also disbursed N126.1bn as export expansion grant. Also in 2010, the Federal Government reportedly disbursed about N7.9bn to 25 companies from the National Automotive Fund. The money was for the production of vehicles, motorcycles and bicycle tyres and accessories. An additional N3bn was earmarked for disbursement to nine companies before the end of that year. In July 2012, the Federal Government approved N330m grants to assist 20,000 farmers in Lagos state. Similarly, in November, 2012, the Federal Government, in collaboration with the Central Bank of Nigeria, disbursed a soft loan worth N9.4m to members of the Nigeria Cassava Growers Association, Nasarawa State chapter. As at July 2011, the Bank of Industry had reportedly disbursed N195bn out of the N200bn meant for the refinancing of the manufacturing sector to 518 companies across the six geo-political zones, while N83bn out of the N300bn for the power and aviation sectors had also been disbursed to companies in these sectors........................................ .................According to the Senator Ahmad Lawan-led committee, the records of the Federal Ministry of Finance and that of the Central Bank of Nigeria could not properly account for about N44bn, out of the total figure of N873bn, between 2002 and May 31, 2012. ............................ The Executive Director, SERAP, Mr. Adetokunbo Mumuni, said, "If the government allocates funds for public institutions, provided it is properly accounted for, it is acceptable; when such funds are for private businesses, it is not acceptable. Why use the public funds to intervene in private enterprises? It is unreasonable and unjustifiable. "Spending on private businesses sounds fraudulent. Monies have been spent without proper account for them. The government can only give financial intervention, provided funds would be spent transparently and accountably." ............... CONTINUE READING AT THE COMMENT PAGE OR GO TO http://links.causes.com/s/clIdID?r=klKx Meanwhile, whoever has the ears of Jonathan please tell him that internet based news media also needs intervention funds!!! Want to get involved? See this note on Causes

Address: Causes, 88 Kearny St, Suite 2100, San Francisco, CA 94108 United States | Privacy Policy Don't want to receive emails like this? Manage email settings or unsubscribe.