The funds were reportedly disbursed in two cash withdrawals between November 2014 and February, 2015 and were ferried in bullion vans to unknown destinations.
The initial policy states that the cashless policy is operational only in 6 states of the federation, including Lagos, Ogun, Kano, Abia, Anambra, Rivers and the Federal Capital Territory, FCT, Abuja.
In 2016, only two states, Borno and Rivers states received their shares of the intervention funds while only 18 out of the 36 states of the federation and the FCT accessed the UBEC matching grant in 2015.
Director General of the NIA, Ayodele Oke, had said that the money, valued at N13 billion going by the current official exchange rate, had been released in cash by the CBN in order to maintain the discreet nature of the assignment for which it was approved.
The Minister said the move will make for the easy detection of bank accounts that are being operated in such banks by ghost workers and other syndicates.
The CBN governor, Godwin Emefiele, and the Executive Vice Chairman of the NCC, Umar Danbatta, met on Thursday at the CBN headquarters in Abuja over the Etisalat debt issue.
The Central Bank of Nigeria, CBN, has said that the country will begin to export rice to other countries by the end of 2017.
The Nigerian Senate has said that it will not support the moves by some government agencies to introduce a controversial bill banning people from owning foreign exchange.
The Central Bank of Nigeria, CBN, has approved a Special Secondary Market Intervention Retail Sales, SMIS, for airlines operating in the country to enable them to access foreign exchange.
Experts in the manufacturing sector have expressed support for the Minister of Finance, Kemi Adeosun’s call on the Central Bank of Nigeria, CBN, to lower interest rate so that government can borrow domestically to boost the economy without increasing debt servicing costs.