The Federal Government has proposed fresh rules that will guide disbursement of the much awaited Cabotage Vessel Finance Fund (CVFF), Permanent Secretary in the Federal Ministry of Transport (FMOT), Mallam Mohammed Bashar has said.
Though Bashar did not disclosed the reason for the proposed changes in the guidelines governing the disbursement of CVFF, THISDAY checks revealed that this might be in line with the directive by the new government in power.
CVFF was initiated by the federal government as a way of implementing the provisions of the Coastal and Inland Shipping (Cabotage) Act 2003.
Since CVFF was established, billions of naira have accrued into the account as the government continue to prevaricate on the exact date for its disbursement to qualified ship owners.
The PLIs, which comprise selected commercial banks are those saddled with the responsibility of guaranteeing the loans to the beneficiaries through the Nigerian Maritime Administration and Safety Agency (NIMASA).
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