CVFF: Saraki Gives Assurance on Disbursement of $350m ... Describes Delay as National Shame

The Minister of State for Transport, Senator Gbemi Saraki, last Friday gave a firm promise on the disbursement of the Cabotage Vessel Financing Fund (CVFF) to indigenous shipping community, saying her Ministry will work with the National Assembly for the disbursement of the fund which value is now put at $350million.

She described as disheartening and national shame the fact that the disbursement has taken this long since the passage of the Cabotage Shipping law in 2003.

Saraki who spoke during a media briefing in Lagos after a one week tour of Lagos seaports and other facilities under her Ministry, said the fund remains intact contrary to speculations that it may have been misappropriated.
She gave insight on the current stage of the disbursement efforts, adding that guidelines for the exercise have been set for presentation to the National Assembly for final approval.
She assured that the Ministry has the political will to disburse the fund.

“It is really very disheartening that the fund has not been disbursed but we will work with the National Assembly to ensure its disbursement; just watch, it has to be disbursed, especially with the coming on stream of the African Continental Free Trade Area AfCFTA" Saraki said.

She continued, "In the course of this visit, I have also interacted with so many stakeholders including the indigenous ship owners. I know the number of vessels that Nigerians had 10 years ago and I know how many they have now.
“It is really a shame that this fund has not been disbursed, I learnt the value is $350million now and I am not sure any part of it is missing. We will work with the National Assembly to pass the guidelines. It is not really about the Federal Ministry of Finance but I think it is more of the political will to disburse it and I think we have the political will to do so".

CVFF replaced the Ship Acquisition and Ship Building Fund (SASBF) which was suspended following default in the repayment of loans by some indigenous shipowners who benefited from the fund then.

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