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 » Buhari approves disbursement of CVFF 17 years after being created

    Buhari approves disbursement of CVFF 17 years after being created

    December 11, 2022
    Share
    Facebook Twitter LinkedIn WhatsApp
    *President Muhammadu Buhari

    Vincent Toritseju

    Lagos — Seventeen years after the creation of the Cabotage Vessel Financing Fund, CVFF, President Muhammadu Buhari has finally approved the disbursement of the Fund.

    Sambo made the disclosure on yesterday at the flag off ceremony of the third phase of the Nigerian Seafarers Development Program (NSDP) held at the Naval dockyard in Lagos.

    Sambo said “President Muhammadu Buhari has approved my request for the disbursement of the CVFF Fund.

    “Finally, we are breaking the 17-year-old jinx.

    “By the time we commencement to the beneficiaries, we have made a case that the fund belongs to the Nigerian shipowners.

    “The president who is a respecter of the law therefore approved the disbursement of the fund with immediate effect.

    “We shall approach the Minister of Finance and Budget Planning, as well as the Central Bank of Nigeria for the immediate disbursement of the fund.

    “Sambo assured that even though the CVFF which has hit over $350 million is warehoused in the Treasury Single Account (TSA) of the Federal Government, it would be transferred to the approves primary lending institutions” he said.

    According to him, consequently, the fund shall be transferred as soon as it hits $50million in the TSA.

    Recall that five primary lending institutions have been approved for the disbursement.

    Follow us on twitter

    Related News

    Sidi Ould Tah elected ninth president of the AfDB Group

    TotalEnergies sells 12% Bonga oilfield stake to Shell for $510m

    Port Harcourt Refinery host communities urge National Assembly to probe shutdown

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    NLNG launches Train-7 Human Capacity Development BTSP in Rivers

    May 30, 2025

    Sidi Ould Tah elected ninth president of the AfDB Group

    May 30, 2025

    ‘Nigeria’s energy transition won’t succeed without grassroots involvement’

    May 30, 2025

    The future of crude oil prices, OPEC+, global demand, and the unknown ahead

    May 30, 2025

    NCDMB intervenes as Enerog, host communities resolve FTO dispute

    May 30, 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.