The Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, at the weekend allayed fears that the $195 million (N80.9billion) Cabotage Vessels Finance Fund (CVFF) has been removed by the government.
The fear became pronounced when the Minister of Transportation, Rotimi Amaechi, during the 2021 World Maritime Day Celebration in Lagos, said that the Federal Government had suspended the disbursement of CVFF, thereby fueling speculation that the money had been tampered with.
The CVFF was established alongside the Nigerian Coastal and Inland Shipping (Cabotage) Act of 2003, to empower indigenous ship owners to take control of the nation’s coastal and inland shipping business, otherwise known as Cabotage trade.
Jamoh at a press conference held in Lagos at the Agency’s Corporate Headquarters, on Friday, said the money was still intact and had not been touched by anyone or the government.
“The money is there; nobody touched the money; nobody touched the CVFF money and nobody can touch it. The money is in the Central Bank of Nigeria (CBN) and it’s still in the Federal Government Treasury Single Account (TSA). No NIMASA (staff) can touch the money, because this is a Presidential directive,” he said.
