For the umpteen times, the Federal Government has again promised to disburse the much awaited multibillion naira Cabotage Vessel Finance Fund (CVFF).
For over a decade, the disbursement of the fund has been bedeviled by repeated promises and failures by successive Ministers and helmsmen of the Nigerian Maritime Administration and Safety Agency (NIMASA) to do so.
The latest promise to disburse CVFF is coming from the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
Edun who was hitherto in the kitchen cabinet of President Ahmed Bola Tinubu when he held sway as the governor of Lagos State in a statement made available to Maritime Bits reaffirmed the commitment of the present administration to disburse CVFF.
According to the statement which was signed by NIMASA Assistant Director, Public Relations, Mr. Osagie Edward, this was the focus of discussion when the Director General of NIMASA, Dr. Dayo Mobereola led a delegation of the government agency to meet with Edun in Abuja.
Osagie quoted the minister emphasizing that the CVFF disbursement remains a priority, as it is expected to have a positive ripple effect on the economy, drive growth, create employment opportunities, and strengthen Nigeria’s position as a major maritime hub in Africa.
Moberola on his part stated that the Ministry of Marine and Blue Economy has identified the CVFF disbursement as a key performance indicator (KPI) for 2025.
“The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, directed us to engage with the Minister of Finance to resolve all technicalities and establish modalities to fast-track the disbursement of the CVFF to beneficiaries. This administration is committed to unlocking the sector’s full potential,” Mobereola said.
The NIMASA helmsman noted that the funds have been domiciled with the Central Bank of Nigeria (CBN) since the implementation of the Treasury Single Account (TSA) by the Federal Government.
He revealed that as part of efforts to accelerate the process, the Minister of Finance has approved the inclusion of a representative from the Ministry in NIMASA’s in-house committee on CVFF disbursement, under the supervision of the Ministry of Marine and Blue Economy.
The Finance Minister also stressed the importance of regular updates and transparency in the utilization of the fund, ensuring that contributors and key stakeholders benefit efficiently while positioning Nigeria’s maritime industry for sustainable growth.
