BREAKING NEWS: Buhari Approves Disbursement of CVFF Fund

President Muhammadu Buhari


The Minister of Transportation, Eng Muazu Jaji Sambo has announced an approval for the disbursement of the Cabotage Vessel Financing Fund (CVFF) by President Muhammadu Buhari.

Minister of Transportation Eng Muazu Jaji Sambo (right) receiving the flag from the new set of seafarers leaving Nigeria for training, while assisted by NIMASA Director General, Dr Bashir Jamoh

Sambo made the disclosure on Saturday 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 Fund which has hit over $350million 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.

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

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