FG approves $30millon direct lending to Nigerian oil services providers

The Federal Government (FG) has approved $30million as direct lending to the Nigerian oil service providers.

The sum was approved under the Nigerian Content Development and Monitoring Board (NCDMB)/Nigerian Capital Development Fund (NCDF) working capital scheme.

Engr Wabote Simbi, Executive Secretary, NCDMB, made the disclosure, on Monday, at the signing of a Memorandum of Understanding (MoU)with the Petroleum Technology Association of Nigeria (PETAN)on the Implementation of the NCDMB-PETAN Working Capital Scheme for Nigerian Indigenous Oil Servicing Companies.

He said: “the NCDMB Governing Council under the leadership of the Minister of State for Petroleum Timipre Sylva has approved the Sum $30million under the NCDMB/NCDF Working Capital Scheme for direct lending to Nigerian Oil Services Providers.”

According to him, the Working Capital Scheme is expected to support operations of beneficiaries against the adverse effects of COVID-19 Pandemic.

This he said include loss of contract due to the low oil price of $40/barrel benchmark.

He stated that the initiative will help bridge cash flow gaps, support operations and prevent staff layoffs in the industry.

“In line with the mandate of the Board, a business continuity initiative has been jointly developed with the Petroleum Technology Association of Nigeria (@PETANngr) under the NCDMB Local Content Intervention for Target (LIFT) Sectors,” he added.

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

Nigeria Recorded More COVID-19 Infections, Deaths, Recoveries Last Week

Last week, Nigeria’s COVID-19 infections witnessed yet another increase.

Tribune Online analysis also shows that the 1,607 new confirmed cases are higher than those recorded the previous week (November 29 – December 5) where the country recorded 1,102 cases…

We Have Not Decided Yet To Call Off Strike — ASUU President

It is still uncertain whether the ongoing strike by the Academic Staff Union of Universities (ASUU) will end soon as President of the union, Professor ‘Biodun Ogunyemi said there were certain steps to be taken to reach that final conclusion on the issue…

You might also like
Comments

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More