By Emeka Mamah

Kaduna — The Federal Government has commenced the disbursement of the N100 billion bail-out loan to distressed textile industries in the country.

Secretary-General of the National Union of Textile Garment and Tailoring Workers of Nigeria, NUTGTWN, Comrade Issa Aremu made this known in Kaduna, yesterday.

Aremu, who spoke at a one-day induction course for elected officials of the union, pointed out that the Bank of Industry, BOI, which was handling the exercise had already disbursed about N10 billion to some of the affected textile companies.

“The N100 billion bail-out fund is already being disbursed by the BOI.

“In fact, the BOI has already given out about N10 billion from the N100 billion.

Obasanjo’s N70bn mirage

“The Obasanjo’s adminis-tration approved N70 billion for the exercise which turned out be something like the more you look, the less you understand (abracadabra).

“However, the Yar’Adua’s administration has increased the fund to N100 billion and the disbursement has started,” he said.

A representative of the BOI, who was at the occasion, said that the bank which usually gave loans only to large scale industries has now relaxed its rules to accommodate medium and small scale industries.