October 3, 2017

Cabotage fund hits N100bn, as House Committee laments non-disbursement

Cabotage, CVFF

By Godwin Oritse

THE Cabotage Vessel Financing Fund, CVFF, currently stands at over N100billion just as the House Committee on Maritime Safety, Education and Administration has lamented the non-disbursement of the fund.

Speaking to Vanguard at the sideline of the just concluded Harmonized Stakeholders interactive forum organized by the Nigerian Maritime Administration and Safety Agency, NIMASA, Chairman of the Committee, Honourable Mohammed Umar Bago, said that the Committee has already registered its displeasure against the development.

Bago also disclosed that some ministerial bottlenecks have been responsible for the non-disbursement, adding that the Committee would do all within its powers to ensure that the fund is disbursed to local shipping operators.

He stated: “It is a shame that we have over a N100 billion in the Cabotage Vessel Financing Fund and our people cannot access the fund.

“There is a need for the Presidency to intervene in the    matter so as to ensure that local shipping operators are empowered with a view to growing the economy.’’

Vanguard gathered that the Cabotage Vessel Financing Fund is currently domiciled in the NIMASA and the fund has become an issue of controversy as past administrations of the agency were not able to disburse it.

However, Dr. Dakuku Peterside, the new Director General of NIMASA had stated appears to be working on possible disbursement soon

He stated: “We are pushing for the early release of the fund once stakeholders comply with the prescribed way of accessing the fund.

“We want to grow tonnage; we are in a hurry to grow tonnage, the more tonnage we have the better for all of us. The more employment we will create.

“As an agency we have grown the Fund in the past one year and we will continue to grow the Fund.”