Harboursandport.com: Lagos - The Federal Government has approved the disbursement of the $350 million and N16 billion so far collected through the Nigerian Maritime Administration and Safety Agency (NIMASA) into the Cabotage Vessel Financing Find (CVFF).
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The position of the Federal Government was made known in Lagos on Saturday by the Minister of Transportation, Mauzu Sambo at the flag off ceremony of Batch B of the 3rd phase of the Nigerian Seafarers Development Programme (NSDP).
The Minister who said the approval was conveyed to the ministry on Friday, assured stakeholders that the funds can only be accessed by contributors to the funds.
Recall that deductions from all contracts within the Cabotage area by Nigerians started 17 years ago with stakeholders calling for the disbursement.
Sambo said that by Monday, he will formally send a memo to the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh conveying the approval of the President to him.
He gave an indication that from there, necessary administrative process will begin.
He disclosed that the Ministry of Finance and the Central Bank of Nigeria (CBN) will all be reached for their own roles on the immediate release of the fund.
He said that already, the guidelines have been set, adding that five banks including Union Bank, UBA, Zenith, Polaris and Jaize Banks will be incharge of disbursing the fund.
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