Senate probes N130.8bn CBN’s gas intervention funds disbursement

The Senate Committee on Gas, says it would begin an investigative hearing on the N130.8 billion  Nigeria Gas Expansion Programme (NGEP) intervention fund disbursement.

To this end, the red chamber had summoned the Government of Delta State and 14 other engineering, oil and gas companies for the  investigative hearing.

The Chairman of the Senate Panel who is the Senator representing Cross River North, Jarigbe Agom Jarigbe,  last Thursday  mandated the affected companies to appear on Thursday this week by 2pm.

The affected companies benefitted from the Intervention Fund which was disbursed by the Central Bank of Nigeria (CBN). The apex bank  had in media reports says that it’s interventions which cut across different sectors of the economy have gulped over N4 trillion.

The CBN had in January this year, provided insight into how much it spent over the years on various intervention

Jarigbe asked the firms to appear with their progress reports which must indicate the location of projects and their  current status.

The Delta State Government, according to Jarigbe, got N20,000,000,000.00 while Mob Integrated Services Limited, received N2,500,000,000.00

It had explained that the beneficiaries of the interventions are expected to repay the money as it is a loan, not a grant.

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