President Mohammed Buhari has approved the disbursement of the controversial Cabotage Vessels Financing Funds (CVFF) after 17 years of fence-shifting.
According to the Minister of Transportation Engr Muazu Sambo, the disbursement with take immediate effect.
The Nigerian Maritime Administration and Safety Agency ( NIMASA) will liase with the Finance Ministry and the Central Bank of Nigeria (CBN) to facilitate quick and seamless disbursement of the fund
Sambo whose earlier disclosure of the disbursement of the fund scheduled for before 2023, sounded to stakeholders like the usual empty political talk.
The transport minister broke the news at the flag off ceremony of the third phase of Nigerian Seafarers Development Programme ( NSDP) in Lagos Saturday, saying five Primary Lending institutions ( PLI) have already been appointed to drive the process.
The Minister also disclosed that going forward, government will henceforth, move the funds from the TSA in the CBN once the amount get to $50m. The accrued fund has risen to a whooping $350m since inception.
He believes the approval will grow the the capacity of Nigerians in the maritime sector for competitive international operations.