The House of Representatives has backed the planned disbursement of $700 million Cabotage Vessel Finance Fund to individuals and companies.
The lawmakers had on May 3rd, while adopting a motion sponsored by Hon. Henry Nwawuba, directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to immediately stop the planned disbursement.
Nwawuba, had expressed concern that since the establishment of the Cabotage Vessel Finance Fund, there have been no reliable data as to the total amount that has so far accrued to the Fund and thus, there is no certainty as to the actual worth of the fund at the moment.
The House thereafter directed its Committee on Nigerian Content Development and Monitoring to interface with Minister of Transportation and the Director-General, NIMASA on how the funds have been applied over the years.
Presenting the Committee’s findings at plenary, yesterday, its Chairman, Hon. Legor Idagbo, said its investigation indicated that due process was followed.
He said they discovered that the total funds of $360 million in the Cabotage Vessel Finance Fund (CVFF) account with the Central Bank of Nigeria (CBN) represents 50 per cent, while the remaining counterpart funds of 50 per cent was from stakeholders and banks which was 15 per cent and 35 per cent respectively. – THISDAY
