What Is With Dis N70 Billion Cotton/Textile Fund?

Manufacturers in the textile industry have alerted for the second time since President Umaru Musa Yar’Adua assumed office that the cheques issued by the Federal Government at the tail end of Chief Olusegun Obasanjo’s regime were dud cheques. Former President Obasanjo’s administration initiated a N70 billion intervention loan to resuscitate the prostate textile sector that was on the brink of collapse. Out of this amount, N20 billion was supposedly earmarked for cotton farmers while N50 billion was meant for textile manufacturers. Chief Olusegun Obasanjo, shortly before he left office, handed over some signed cheques to a group of textile manufacturers at a ceremony to symbolize the take-off of the textile revival loan scheme.
Source: Daily Trust Newspaper

President Yar'adua abeg do something about this issue. May baba Iyabo made some mistakes somewhere, am not sure he is aware of this problem.