What does PSF mean in FUNDS

The Petroleum Support Fund (PSF) is a government-owned investment fund established in Nigeria to manage the country's oil revenues. It was created to provide financial support for the oil and gas sector, as well as to promote economic growth and development.

The primary objectives of the PSF are to:

• Provide financial support for the development of the oil and gas sector.
• Promote economic growth and development by investing in infrastructure, education, healthcare, and other social programs.
• Stabilize oil revenues and mitigate the impact of oil price volatility on the Nigerian economy.
• Facilitate the transfer of technology and expertise to the oil and gas sector.

The PSF is primarily funded by a percentage of the country's oil revenues. The specific percentage is determined by the government based on economic conditions and the need for funding.

PSF funds are utilized to support a wide range of initiatives, including:

• Investment in oil and gas exploration and production projects.
• Provision of loans and grants to private sector companies operating in the oil and gas sector.
• Development of infrastructure, such as roads, bridges, and power plants.
• Investment in education, healthcare, and other social programs.
• Support for research and development in the oil and gas sector.

The PSF is managed by a Board of Trustees appointed by the Minister of Finance. The Board is responsible for the overall governance and management of the fund, including setting investment policies, approving investments, and monitoring the performance of the fund.