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CBN disburses N233bn to power, airline companies

06 June 2014, 12:21

Abuja - The Central Bank of Nigeria (CBN) has disbursed N233.16bn out of the N300bn Power and Airline Intervention Fund to 34 power and airline companies as of May, 2014.

According to a new report by the Development Finance Department of the CBN, a total of N117.4bn has been released for 15 airline projects, while N115.7bn has been disbursed for 36 power projects.

The CBN’s Monetary Policy Committee had in 2010 approved the sum of N500bn for investments in debentures issued by the Bank of Industry out of which the sum of N300bn was for the finance of power and airline projects.

The PAIF was designed as part of the quantitative easing measures to address the paucity of long-term credit and acute power shortage in the country.

The 19-page report, dated June 2, stated that no funds were disbursed under the PAIF in May 2014, but the sum of N233.161bn had been released to the BoI and disbursed through banks to 51 projects.

The report noted that no repayment was remitted by the BoI to the CBN under the PAIF in the month of May. However, the total repayments stood at N32.363bn till date.

The CBN, in the report, said the total amount approved for release to the BoI as of May stood at N237.23, while the balance of un-utilised funds from the PAIF was N62.77bn.

-        NAN

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