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.

Comments

Eze Uchendu Applauds Compt. Olomu's Outstanding Performance In Apapa

...Berates APMT For Lack of Capacity & Technicality ...Calls FG to Set Up Committee To Access APMT Operations In Nigeria The remarkable performance of the Customs Area Controller of the Apapa Customs command, Comptroller Babatunde Olomu fsi has been commended by a renowned freight forwarder, the Chairman of National Association of Government Approved Freight Forwarder( NAGAFF), Apapa Chapter, Fowdr. Prince Eze Uchendu. Accessing the Apapa Command under the control of Compt. Olomu, the chairman applauded the resilience and doggedness of the area controller in all areas of operation, in his words, "I think for now we have a good controller, the person of controller, Babatunde Olomu, since his inception as the CAC Apapa, I can say Apapa Command has never had it so good, so I can score the Nigeria customs high In all fields of endeavour, the controller has been a moving controller, he's not a controller that stays in office. He comes to the terminals ...

KNIGHTS OF ST. JOHN (KSJI) TAKES A SWIPE AT BAD LEADERSHIPS IN NIGERIA

Maj. Gen. (Prof) Remy Uche, KSJI Supreme Subordinate President, Nigeria. As Christians all over the world marked the feast of the Passion of St. John the Baptist on August 29 commemoration of his beheading by King Herod for speaking up to the truth, the Knights of St. John International (KSJI) of the Roman Catholic Church has taken a swipe against which it described as obnoxious and draconian leaderships in many spheres of life in Nigeria. The Knights of St. John International (KSJI), a sodality organisation of men and women looked up to in the Roman Catholic Church as people of integrity, is not happy with the current situation in the country where leaders in some places are not serving expectedly. According to a press statement made by the KSJI leader in Nigeria (Supreme Subordinate President), Maj Gen. Remy Uche (Prof), and signed on his behalf, by his Chief of Staff, Sir Abuchi Anueyiagu, to mark the feast of the Passion of St. John the Baptist, the patron saint...

NCS Medical Team Trains Apapa Area Command Officers On First Aid

The Nigeria Customs Service (NCS) medical team yesterday trained officers and men of the Apapa Area Command on basic first aid training. ‎ ‎The Customs Area Controller of the Command, Comptroller Emmanuel Oshoba according to a press release issued by the public relations officer of the command, Superintendent of Customs SC JT Ayagbalo described the initiative as a crucial investment in workplace safety and operational readiness. ‎ ‎In his welcome address, Comptroller Oshoba emphasized that the programme reflects the priority placed on staff welfare by the Comptroller-General of Customs, Bashir Adewale Adeniyi, MFR. ‎ ‎He described first aid knowledge as a universal life skill that every adult should possess, especially officers as they are frequently exposed to high-risk operational environments. ‎ ‎ Oshoba noted that simple but timely interventions such as; CPR, bleeding control, choking relief and stroke recognition often determine whether a victim survives, fully recov...

Maritimegistplus

Search This Blog