Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Why Cabotage Fund has not been disbursed – NIMASA boss

    Why Cabotage Fund has not been disbursed – NIMASA boss

    February 2, 2022
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Dr. Bashir Jamoh

    Vincent Toritseju

    Lagos — The Cabotage Vessel Financing Fund, CVFF, cannot be disbursed for now due to some technical and political issues.

    Disclosing this in a chat with newsmen in Lagos last weekend, Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Bashir Jamoh, said that the agency is very willing to disburse the Fund because it will add value to the maritime industry.

    He said the agency is making plans to overcome the issues that are impeding the disbursement of the Fund.

    He further explained that the domiciling the CVFF with Treasury Single Account, TSA, is one of the technical issues affecting the disbursement because of the hurdles in the process of releasing money from the TSA account.

    He stated; ‘‘There are political, there are technical issues about the CVFF, the technical issues stems from the guidelines which arise from the law establishing the CVFF.

    ‘‘Since 2003 till date, we have had a lot of developments; a lot of transformations in the guideline have taken place. In everything we do in this country, there is always a touch of politics. But we have gone a long way; for the first time we shortlisted nine banks and we submitted and requested four Primary Lending Institutions. The banker, the lender and NIMASA all have a percentage to contribute for the disbursement to be complete.

    ‘‘How will the banker provide its own fund when the CVFF is domiciled in the Treasury Single Account?

    ‘’These are some of the technical issues we have to address; there should be no sentiments. No doubt, we have good intentions and my bosses also have good intentions over the disbursement of the Fund.

    ‘‘The greatest problem of leadership in Nigeria is decision making. People sometimes are afraid to make decisions, sometimes, they put sentiments, sometimes they put the issue of religion, so, at the end of the day, no decision is taken. But here in NIMASA, we take a decision to move forward.’’

    Follow us on twitter

    Related News

    Protest rocks Lilipond, Apapa ports as truckers decry N400,000 extortions

    Nigeria launches trade intelligence tool, air cargo corridor to boost AfCFTA exports

    Congestion hits Lagos ports amidst truck restrictions

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    Crude climbs on US jobs report, China talks

    June 6, 2025

    Be deliberate in securing govt facilities in your communities – IBAS

    June 6, 2025

    UAE’s power capacity to reach 79.1GW in 2035

    June 6, 2025

    Gold steady near week high as markets brace for key US jobs data

    June 6, 2025

    Nigeria’s renewable power capacity to reach 1.7GW in 2035

    June 6, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.