Esther Komolafe
At last President Mohammed Buhari has given approval for the disbursement of the controversial Cabotage Vessels Financing Funds (CVFF).
Minister of Transportation Engr Muazu Sambo broke this news during the flag off ceremony of the third phase of Nigerian Seafarers Development Programme ( NSDP) in Lagos on Saturday.
The Honorable minister said that the disbursement takes immediate effect. Sambo revealed that the five Primary Lending institutions ( PLI) which includes; Union, Zenith, Polaris, UBA and Jaiz banks were appointed to drive the process .
According to him, the Nigerian Maritime Administration and Safety Agency ( NIMASA) has been mandated to liase with the Minister of Finance Mrs Ahmed Zainab and the Governor of the Central Bank of Nigeria (CBN) , Godwin Emefiele, to facilitate quick and seamless disbursement.
The Minister was thrilled about the President Buhari decision that the approval has finally broken the 17 years Non- disbursement of the controversial funds.
He also disclosed that henceforth government will move the funds from the TSA in the CBN once the amount get to $50m. Sambo expressed belief that with the approval, the Nigerian capacity in the maritime industry will continue to grow higher.
The funds has been controversial as it has not been disbursed for over 17 years when the programme commenced.
The funds is said to have accrued over $350m since inception in 2004.