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FG boosts indigenous shipping line with N14bn

…seeks passage of transport bills

By Chris Ochayi

ABUJA- The Federal Government announced yesterday in Abuja that it has generated over N14 billion from the Cabotage Vessel Finance Fund (CVFF) with a view to distributing it to Nigerians who wish to own ships in order to boost indigenous shipping activities in the country.

Minister of Transport, Alhaji Ibrahim Isa Bio who stated this in Abuja at the 2009 Ministerial Press Briefing organised by the Ministry, expressed concerned that the nation does not have a national shipping line.

Besides, the minister also lamented that, the none passage of transport bills before the National Assembly is seriously affecting the smooth operation of the Private Public Partnership (PPP) scheme in the maritime and railway sectors of the economy.

He said the various laws and statutes, which established various parastatals and agencies under the ministry, were alien to the ongoing programme of Private Public Partnership (PPP) of the present administration of President Umaru Yar’Adua.

Alhaji Bio who reiterated the government’s determination to address the challenges of lack of shipping line through the Cabotage regime which has been in operation since 2005, added, “the Cabotage Vessel Finance Fund (CVFF) has already generated over N14billion. Modalities are being worked out for the disbursement of the fund to facilitate indigenous shipping.”


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