Reps Stop Disbursement of $700Million CVFF Fund to Nigerian Shipowners
Speaker of House of Representatives, Femi Gbajabiamila
The House of Representatives has ordered the immediate suspension of the planned disbursement of $700 million to Nigerians and companies by the Nigerian Maritime Administration and Safety Agency (NIMASA).
Recall that President Muhammadu Buhari had in December 2022 approved the much expected fund to Nigerian shipowners with immediate effect.
However, the House of Representatives has directed NIMASA to present an audited statement of account showing all monies that have accrued to the Cabotage Vessel Finance Fund within seven days.
Adopting a motion of urgent public importance brought before the House by Henry Nwawuba, the lawmakers also directed its Committee on Local Content to engage an external auditor to audit all contracts entered into in the cabotage regime and report same to the House within seven days.
The committee is also to commence immediate investigations into the Cabotage Vessel Finance Fund to determine all monies that have accrued to the Fund since its establishment in 2003 and report to the House within 14 days.
Adopting a motion of urgent public importance brought before the House by Henry Nwawuba, the lawmakers also directed its Committee on Local Content to engage an external auditor to audit all contracts entered into in the cabotage regime and report same to the House within seven days.
The committee is also to commence immediate investigations into the Cabotage Vessel Finance Fund to determine all monies that have accrued to the Fund since its establishment in 2003 and report to the House within 14 days.
