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Senate questions N120bn bailout of aviation sector

21 June 2016, 10:02

Abuja - The Senate has held the Central Bank of Nigeria accountable regarding the mismanagement of funds allocated to the aviation sector from the bill intervention fund from the Federal Government, Vanguard reports.

The aviation sector was awarded the huge sum of N120 billion from the bill intervention fund of N500 billion which is now believed to have been mismanaged.

Also read: Senate summons CBN governor, Accountant General over MTN fine

An investigation by the Senate Commission on Aviation and Anti-Corruption now alleged that the sum of N120 billion was unforgivably mismanaged.

Minister of Transportation, Rotimi Amaechi however stated that his ministries and agencies were not aware of the fund.

This made the committee demand the CBN to explain how the funds were used in the view of the financial problems still faced by the aviation sector.

A CBN representative said that out of the N120 billion, only N39.5 billion could be accounted for, with the other N81.2 billion.

The aviation sector is plagued with corruption, as former Aviation Minister, Femi Fani-Kayode is to be arraigned on fraud charges today over an alleged N1.2 billion.

For more on this story, visit Vanguard.

- News24 Nigeria


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