The anticipated distribution of 700 million dollars in Cabotage Vessel Finance Funds to Nigerians and businesses by the Nigerian Maritime Administration and Safety Agency (NIMASA) has been put on hold by the House of Representatives.
This came after Rep. Henry Nwawuba (PDP-Imo) won approval for a resolution of urgent public interest at a plenary session in Abuja.
TechEconomy recalls President Muhammadu Buhari authorized the transfer of $350 million and N16 billion from the Cabotage Vessel Financing Fund (CVFF).
However, in support of the development of domestic ship purchasing capability, the lawmaker emphasized in his motion that the Coastal and Inland Shipping (Cabotage) Act, 2003 established the Cabotage vessel finance fund.
The anticipated distribution of 700 million dollars in cabotage vessel finance funds to Nigerians and businesses by the Nigerian Maritime Administration and Safety Agency (NIMASA) has been put on hold by the House of Representatives.
This came after Rep. Henry Nwawuba (PDP-Imo) won approval for a resolution of urgent public interest at a plenary session in Abuja.
In support of the development of domestic ship purchasing capability, he emphasized in his motion that the Coastal and Inland Shipping (Cabotage) Act, 2003 established the Cabotage vessel finance fund.
The House however directed the 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.
Additionally, the committee is required to start looking into the Cabotage Vessel Finance Fund right away to determine all funds that have accrued since the fund was established in 2003 and report back to the House within 14 days.
A report on the state of the Cabotage Vessel Finance Fund and how the money has been used over the last 20 years was requested by lawmakers from the Minister of State for Transport and the Director-General of NIMASA.
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