President Muhammadu Buhari has approved the disbursement of the Cabotage Vessel Financing Fund (CVFF) witj immediate effect, the Minister of Transportation, Eng Muazu Jaji Sambo has announced.on Saturday at the flag off ceremony of the third phase of the Nigerian Seafarers Development Program (NSDP) held at the Naval dockyard in Lagos.
President Muhammadu Buhari has approved my request for the disbursement of the CVFF Fund.
Finally, we are breaking the 17-year old jinx, Sambo said.
To this effect five primary lending institutions have been approved by Mr President to do the disbursement which include Zenith Bank, Polaris, United Bank of Africa (UBA) and Jaiz Bank.
“The president who is a respecter of the law therefore approved the disbursement of the fund with immediate effect.
“We shall approach the Minister of Finance and Budget Planning, as well as the Central Bank of Nigeria for the immediate disbursement of the fund.
“Even though the CVFF Fund which has hit over $350million is warehoused in the Treasury Single Account (TSA) of the Federal Government, it would be transferred to the approved primary lending institutions” he said
We have pledged to the president that they would continue to allow the funds to go into the treasury single account, however, whenever the money hits the threshold of 50 million dollars, the central bank of Nigeria upon recommendation from NIMASA and the federal ministry of transportation would inspect the transfer of the funds to the primary lending institutions