The Minister of Transportation, Eng Muazu Jaji Sambo, has announced approval for the disbursement of the $350 million Cabotage Vessel Financing Fund (CVFF) by the President, Muhammadu Buhari.
Sambo made the disclosure 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.
The Minister stated that plans are ongoing to approach the Minister of Finance and Budget Planning and the Central Bank of Nigeria.
Sambo said that the fund would be disbursed to five primary lending institutions.
Sambo said “President Muhammadu Buhari has approved my request for the disbursement of the CVFF Fund. Finally, we are breaking the 17-year-old jinx.
“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 approves primary lending institutions”.