drilling-rigssPetroleum Technology Development Fund (PTDF) on Monday said it expects its income to improve significantly early next year when oil block bid rounds hold.

The Executive Secretary of the fund, Dr. Oluwole Oluleye told newsmen in Abuja that though he met the fund in financial difficulty, the situation has greatly improved.

He said: “In signature bonus, you realize that there have being no bid rounds for quite some time now, but there are other forms of money coming. The signature bonus is the big one usually. We know that probably, very early next year, the bid rounds will come in and this will further boost the finances of the fund”.

He noted that PTDF has no other investment except the N1b invested for the endowment fund for university chairs which the fund could not temper with.

He added that the future and wellbeing of over 750 scholars under its sponsorship in universities in the United Kingdom, Malasia and China would not be affected by the financial position of the fund.

Oluleye assured that none of the students would be sent home on the ground of failure to meet financial obligations, adding that all the challenges concerning its oversea scholarship programme have been virtually resolved.

According to him, “we directed all available funds towards the maintenance of our scholars abroad. Today, as I speak to you, the problems with the students have virtually been resolved and no scholar has been sent back to Nigeria.

Oluleye maintained that work was on-going in all its project sites including the petroleum college in Kaduna.

He however admitted that the contractor handling its headquarter building is just re-mobilising to site after several months of pulling out due to poor funding. But he added that “by next week we will have some funds flow in if not by the end of this week”.


Information from Daily Independent was used in this report.