FG proposes fresh guidelines on CVFF disbursement

The Federal Government has proposed fresh rules that will guide disbursement of the much-awaited Cabotage Vessel Finance Fund (CVFF).

Permanent Secretary of the Federal Ministry of Transport (FMOT), Mallam Mohammed Bashar, who disclosed this however failed to give reasons for the proposed changes in the guidelines governing the CVFF disbursement.

Over N60 billion has reportedly accrued into the CVFF coffers since its current guidelines were rolled out in 2007. The fund, which is collected from ship owners, is meant to assist Nigerians acquire vessels for Cabotage operation.

However, no ship owner has been able to access the fund since it was established despite series of promises by successive Ministers of Transports and Directors General of the Nigerian Maritime Administration and Safety Agency (NIMASA).

There have been allegations that the present management of NIMASA may have illegally appropriated part of the fund to support activities other than that for which it was set up.

“We shall soon invite stakeholders like you to a forum where these guidelines on CVFF would be unfolded.

“This will enable you and other members of the public to make inputs where necessary.

“We want you to take a look at them. Study them and see how you can take advantage of the enormous opportunities in our Cabotage trade by accessing the funds and make progress as a serious maritime nation,” he said in Lagos recently.

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