Sambo: I Will Do Everything to Ensure CVFF Is Disbursed
By Francis Ugwoke
In a bid to deepen indigenous shipping development as fast as possible, the Transportation Minister, Alhaji Muazu Sambo, weekend said he will ensure that the Cabotage Vessel Financing Fund (CVFF) is disbursed as soon as possible.
Expressing dismay over the poor level of indigenous shipping development, Sambo said he is determined to see this situation improves under the present administration.
To this effect, he assured that the CVFF will be disbursed to Nigerians to improve on fleet expansion before the end of this year.
Speaking during a visit to the Eastern Zonal office of National Inland Waterways Authority (NIWA) while on the tour of the Eastern ports, the Minister said he has identified the need to build capacity of Nigerians involved in maritime business.
Part of this, according to him, was to ensure the disbursement of the CVFF to acquire vessels.
He maintained that he will do everything within his power to ensure the disbursement before the end of the year.
Sambo said he has already put in place machinery to make sure that the disbursement becomes realistic before the end of the year.
He said,” I have identified the need for us to build capacity of Nigerians involved in maritime business. In this regard, I am sure the maritime world is very eager to know what my position is regarding the CVFF.
*This is a Fund that was established under the Cabotage Act in order to build domestic capacity, I want to say it here, that it is indeed a low hanging fruit, I will do anything within my power to make sure that fund is disbursed to Nigerians as quickly as possible so that Nigerian Ship Owners can increase capacity as well as generate a welfare instead of patronising foreign Ships and money from such business is taken out of the hands of Nigerians rendering us jobless and so on and so forth*
It would be recalled that maritime stakeholders have been worried over the delay in disbursing the fund after its establishment for over two decades.
CVFF was floated after the suspension of the Ship Building and Ship Acquisition Fund (SASBF) which was later suspended over 20 years ago as earlier beneficiaries defaulted in repayment of about $20 million.
The amount was different from another $16.5million used in acquiring MV Abuja for the Nigerian Unity Line (NUL) that was established after the liquidation of Nigerian National Shipping Line (NNSL) in 1995.
In a bid to deepen indigenous shipping development as fast as possible, the Transportation Minister, Alhaji Muazu Sambo, weekend said he will ensure that the Cabotage Vessel Financing Fund (CVFF) is disbursed as soon as possible.
Expressing dismay over the poor level of indigenous shipping development, Sambo said he is determined to see this situation improves under the present administration.
To this effect, he assured that the CVFF will be disbursed to Nigerians to improve on fleet expansion before the end of this year.
Speaking during a visit to the Eastern Zonal office of National Inland Waterways Authority (NIWA) while on the tour of the Eastern ports, the Minister said he has identified the need to build capacity of Nigerians involved in maritime business.
Part of this, according to him, was to ensure the disbursement of the CVFF to acquire vessels.
He maintained that he will do everything within his power to ensure the disbursement before the end of the year.
Sambo said he has already put in place machinery to make sure that the disbursement becomes realistic before the end of the year.
He said,” I have identified the need for us to build capacity of Nigerians involved in maritime business. In this regard, I am sure the maritime world is very eager to know what my position is regarding the CVFF.
*This is a Fund that was established under the Cabotage Act in order to build domestic capacity, I want to say it here, that it is indeed a low hanging fruit, I will do anything within my power to make sure that fund is disbursed to Nigerians as quickly as possible so that Nigerian Ship Owners can increase capacity as well as generate a welfare instead of patronising foreign Ships and money from such business is taken out of the hands of Nigerians rendering us jobless and so on and so forth*
It would be recalled that maritime stakeholders have been worried over the delay in disbursing the fund after its establishment for over two decades.
CVFF was floated after the suspension of the Ship Building and Ship Acquisition Fund (SASBF) which was later suspended over 20 years ago as earlier beneficiaries defaulted in repayment of about $20 million.
The amount was different from another $16.5million used in acquiring MV Abuja for the Nigerian Unity Line (NUL) that was established after the liquidation of Nigerian National Shipping Line (NNSL) in 1995.
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