FG raises fresh hopes on disbursement of N147bn vessel financing fund

The federal government at the weekend raised fresh hopes on the disbursement of the $320 million (N147 billion) Cabotage Vessel Financing Fund (CVFF). This comes after 19 years of its establishment under the Coastal and Inland Shipping (Cabotage) Act, 2003. Controversy had trailed the disbursement of the fund as the federal government remained undecided on […]

The federal government at the weekend raised fresh hopes on the disbursement of the $320 million (N147 billion) Cabotage Vessel Financing Fund (CVFF).

This comes after 19 years of its establishment under the Coastal and Inland Shipping (Cabotage) Act, 2003.

Controversy had trailed the disbursement of the fund as the federal government remained undecided on how and when the fund would be disbursed.

Presently, the fund has risen from 190 million dollars to 320 million dollars as of July 2022.

However, in a fresh move, the Minister of Transportation, Mu’azu Sambo, has indicated a new timeline on how the fund would be disbursed.

The minister, who is currently on a tour of the Eastern ports, disclosed that the government would soon commence disbursement of the fund.

According to him, the prompt disbursement would enable indigenous shipping operators to compete favourably with their international counterparts.

“If we get our acts right, the maritime industry can replace the revenue from  crude oil,” he said.