May 25, 2024

Sambo Assures On Cabotage Fund Disbursement



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Nigeria’s Minister of Transportation, Hon. Mu’azu Jaji Sambo has assured that the Cabotage Vessel Finance Fund (CVFF) will be disbursed as soon as possible.

Speaking at a special session with Journalists at the World Maritime Day celebration in Lagos yesterday, the Hon. Minister was explicitly clear that the Cabotage Vessel Financing Fund would be disbursed. According to Sambo, “it is one of the low hanging fruits and the law is very clear as to who owns the Fund and how this should be disbursed.”

Hon. Sambo disclosed that the DG NIMASA, Dr. Bashir Jamoh is very passionate about this project and has hinted that he wants this fund disbursed.

Continuing he said, ” the immediate past Minister of Transportation, Rt. Hon. Rotimi Chibuike Amaechi almost disbursed this fund “but owing to one or two things, it was left for me to do and I am very glad that I will take credit for disbursing this Fund to the beneficiaries.

However, the amount of money in this right now is not enough to do what we want to use it for, 350million USD cannot do it but if we can grow it to 1billion USD and above, then we can look at it satisfactorily and disburse,” he enthused.

Furthermore, explaining the rationale behind the CVFF Sambo said, ” if we have ship owners or vessels owned by Nigerians, then we are indirectly building a National fleet. We (Jamoh and I) are passionate about it” he revealed.

On the performance of the Nigeria Railway Corperation, the Hon. Minister disclosed that he intends to unbundle the Corporation before May 2023.

According to him, this would have been possible this year “but there are still a few grey areas which would be resolved by the next Council of States meeting.

He revealed that the NRC has put in a lot of work, providing facilities, tracks, Coaches and improving on what was there but the Minister says, “we cannot have an Owner, Regulator and Operator in one but a Nigerian Railways that is not 3 in one, for easy management and cohesion,” he said.

On theAbuja/ Kaduna Railway kidnap victims still in captive, the Hon. Minister assured that no stone would be left unturned to get them returned to their loved ones. “I pray for this people every night, I made a pledge before their families when I was resuming office, that I will get their relatives released and reunited with them. This will happen before we leave office, I pray.”

Also on the rumours making the rounds, that the NRC is losing 30bn Monthly because of the kidnap and subsequent stoppage on that route, Sambo says, “it is not true, I have consulted with those in charge of the NRC and I know how much they made daily on that route before the unfortunate incident, what was put out there was false and speculative,” he said.

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