N3bn Entertainment Fund not for sharing -Minister

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said the N3bn intervention fund for the entertainment industry is not a grant.

A statement issued on Sunday by her Senior Special Assistant  on  Communication, Mr. Paul Nwabuikwu, quoted the minister to have said this during a town hall meeting in Lagos.

She said the Federal Government was committed to ensuring that the industry contributed significantly to the economy through the fund.

The statement read in part, 'The N3bn, which the President promised, is meant to be a catalyst, which will help the industry leverage other sources of funding and expertise and grow to a new level.

'The money will not solve every problem but it is a good beginning. We need to use it well for the benefit of this important industry and the benefit of the country.'