No fewer than 60 indigenous shipowners have applied to access the Cabotage Vessel Financing Fund (CVFF), even as the Nigerian Maritime Administration and Safety Agency (NIMASA) projects a revenue target of ₦724 billion in its 2026 budget proposal.
The applications were submitted through the CVFF Application Portal, launched in January this year by the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, as part of renewed efforts to strengthen indigenous participation in the maritime sector.
This information emerged during the 2026 budget defence session before the House of Representatives Committee on Maritime Safety, Education, and Administration, where lawmakers called for greater accountability and transparency in the agency’s operations.
The committee warned that opacity and weak performance would no longer be tolerated, stressing that both NIMASA and the Maritime Academy of Nigeria, Oron, must meet clearly defined and measurable targets tied to their budgetary allocations.
Chairman of the Committee, Khadija Abba-Ibrahim, stated that heads of agencies must take direct responsibility for their plans, projections and performance outcomes. She described the exercise as more than routine oversight, noting that it serves as a critical test of accountability, particularly for lawmakers engaging maritime agencies for the first time.
While acknowledging the strategic role of NIMASA in safeguarding Nigeria’s territorial waters and facilitating maritime trade, she emphasised that commendations must be supported by verifiable results. She added that the session offered the agency an opportunity to clearly outline its 2026 roadmap and address pressing concerns, including maritime insecurity, capacity development and operational efficiency.
The committee demanded detailed, data-driven submissions covering maritime safety programmes, human capital development, revenue optimisation strategies, and the status of ongoing and proposed capital projects. Describing the maritime sector as a cornerstone of Nigeria’s economic framework, the lawmakers insisted that every budgetary allocation must translate into tangible value through improved security, enhanced indigenous shipping capacity and sustainable economic growth.
They also reaffirmed their willingness to support reforms aimed at repositioning the sector, while making it clear that future budget approvals would depend on transparency, performance and measurable impact.
Defending the proposal, NIMASA Director-General Dayo Mobereola disclosed that the agency had commenced full automation of its operations and revenue collection systems in 2025 following approval by the Federal Executive Council. He explained that the initiative was designed to eliminate leakages and ensure transparent remittance of government revenues.
He further explained that the CVFF has been restructured under a stricter, bank-driven framework to prevent past mismanagement, with financial institutions now responsible for risk assessment and repayment guarantees prior to disbursement.
According to him, the reforms are expected to accelerate access to funding for local shipowners and boost indigenous capacity in vessel acquisition and maritime operations.
Despite these assurances, some lawmakers expressed concern over the timing of the 2026 budget presentation, questioning why it was being considered without a comprehensive review of the agency’s 2025 performance.