CBN disburses N144.6bn to power, airline sectors

The Central Bank of Nigeria (CBN) said on Wednesday that the cumulative fund disbursed from the Power and Airline Intervention Fund (PAIF) was about N144.6 billion as at December 31.

The bank said in a circular posted on its website – that the two sectors expended the money on the execution of 21 projects.

It said that airlines got N85.6 billion for 11 projects, while the power sector collected N58.9 billion for 10 projects.

The PAIF was set up to fast-track the development of power projects.

It was also meant to support the development of the aviation sector by providing credit to the local airlines.

The Federal Government had in 2009 released N300 billion as bailout fund for the two sectors.




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