• About
  • Advertise
  • Careers
  • Contact Us
Wednesday, June 25, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Economy Finance

Lawmakers Suspend Disbursement of $700m Cabotage Vessel’s Fund

by Justice Godfrey Okamgba
May 3, 2023
in Finance
0
Lawmakers Suspend Disbursement of $700m Cabotage Vessel’s Fund
UBA
Advertisements
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.

Loading

Advertisements
MTN ADS

Author

  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

    View all posts
0Shares
Tags: CabotageFundsVessels
Justice Godfrey Okamgba

Justice Godfrey Okamgba

Next Post
Cashless Economy drives by Victor Irechukwu

Four Technologies that Can Drive Nigeria’s Cashless Economy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Agric 375 Tractors by NASENI

VP Shettima Commissions Agric 375 Tractors Revitalised by NASENI

2 weeks ago
Naira - Dollar - Euro, Stablise the Naira

Naira Begins April in a Bullish Mood, Exchanges below 1,280/$

1 year ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.