The Central Bank of Nigeria (CBN) has said that N233.3 billion has
been disbursed so far from the Power and Aviation Intervention Fund (PAIF)
since inception. A breakdown in the apex bank’s Development Finance Department (DFD)
report on the activities of the business unit as at July this year shows that
the fund was released to Bank of Industry (BoI) and disbursed through
participating banks to 51 projects of both the power and aviation sectors. From
the figure, 36 power projects received N115.734 billion while 15 airline
projects got N117.427 billion. The sum of N500 billion was approved by the
Monetary Policy Committee (MPC) in 2010 for investments in debentures issued by
BoI out of which the sum of N300 billion would finance power and airline
projects while N200 billion would be Restructuring/Refinancing Fund (RRF). PAIF
was designed as part of the quantitative measures floated to address the
paucity of long-term credit and acute power shortage in the country. The DFD report,
however, indicated that no fund was disbursed under PAIF in July, while the sum
of N852.83 million was repaid and remitted by BoI to CBN under the scheme. The
report said total fund repaid since inception stood at N33.216 billion. For SME
RRF, the total sum of N288.98 billion was disbursed to 573 projects from
inception to date.
Sun Newspaper
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