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Breaking: Buhari approves disbursement of CVFF

—appoints five banks to drive the process

The Eyewitness reporter

President Mohammed Buhari has finally yielded to pressure as he has approved the disbursement of the controversial Cabotage Vessels Financing Funds (CVFF).

The Minister of Transportation Engr Muazu Sambo, who broke this cheering news at the flag off ceremony of the third phase of Nigerian Seafarers Development Programme ( NSDP) in Lagos Saturday,said the disbursement takes immediate effect.

Sambo said the five Primary Lending institutions ( PLI) to drive the process .

According to him, the Nigerian Maritime Administration and Safety Agency ( NIMASA) has been mandated to liase with the Minister of Finance Mrs Ahmed Zainab and the Governor of the Central Bank of Nigeria (CBN) , Godwin Emefiele, to facilitate quick and seamless disbursement.

The Minister was elated that the approval has finally broken the 17 years Non- disbursement of the controversial funds.

He also disclosed that henceforth government will move the funds from the TSA in the CBN once the amount get to $50m.

Sambo expressed belief that with the approval, the Nigerian capacity in the maritime industry will continue to grow higher.

The funds has been controversial as it has not been disbursement for over 17 years when the programme commenced.

The funds is said to have accrued over $350m since inception in 2004