President Buhari Approves Immediate Disbursement of Cabotage Fund
Mr Mu’azu Sambo, the Minister of Transportation has disclosed that the Cabotage Vessel Financing Fund (CVFF) disbursement has been approved by President Buhari with immediate effect.
The Minister of Transportation disclosed this during the Nigerian Seafarers Development Programme (NSDP) TERRA 11, Batch B, Third Phase which was held on Saturday in Lagos.
The Nigerian Maritime Administration and Safety Agency (NIMASA) has made the provision of NSDP in order to empower the maritime industry and ensure the safety of seafarers.
Mr Sambo noted that, the funds will be disbursed in few days to eligible beneficiaries, adding that the funds are meant for shipowners.
The Minister who commended President Buhari as someone who abides by the law, pointed that, he has approved that the funds should be disbursed immediately.
However, Budget and National Planning, the Governor of Central Bank and the Minister of Finance will be working hand in hand to ensure that the funds are disbursed immediately according to the directives.
Speaking on the challenges encountered by the past administration with the Federal Ministry of Finance with retard them from disbursing the fund, Sambo noted that the issues has been addressed.
Meanwhile, United Bank for Africa, Union Bank plc, Polaris Bank and Jaize has met the criteria and they have been selected by the National Assembly for the disbursement of the funds to applicants.
Applicants will be mandated to make 50 per cent equity donation, 35 per cent to NIMASA and 15 per cent to banks.
The Director-General, NIMASA, Dr Bashir Jamoh said that N16 billion is the total amount at hand, he added that, an action plan would develop a schedule so that everyone would be informed on when the first cheque would be signed and approved for disbursement.
