The Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Bashir Jamoh, has disclosed that money in Cabotage Vessel Financing Fund accrued to N32 billion and $209 million.
The CVFF was set up to enable Nigerian ship owners renew their fleet.
Jamoh, who disclosed this in Lagos weekend, said, “The CVFF account has two components. There is a dollar and naira component. As of the time we came into office, over a year ago and now, we have over N32 billion and $209 million.”
He said NIMASA has shortlisted 11 companies to benefit from the fund.
Jamoh also said that it was seeking approval from the Federal Government to cancel duties for Nigerian flagged ships.
He noted that following the agency’s advertisement for banks to express interest in the disbursement of the CVFF fund, four primary lending banks had also been shortlisted.
According to him, NIMASA had made presentations to the Federal Ministry of Transportation asking the four primary lending institutions to come up with guidelines on the disbursement.
Jamoh said that the Treasury Single Account policy had affected the timely disbursement of the fund.