The Cabotage Vessel Financing Fund has risen from $195m to $350m in 2022, representing 79.4 % increase.
It will be known that the Federal Government, in 2003; set up the CVFF to address the lack of capacity among indigenous ship owners in Nigeria. The CVFF was insert into the Coastal and Inland Shipping Act of 2003 otherwise referred to as Cabotage Act 2003. In order to provide funds for vessel acquisition amongst indigenous operators.
The disbursement of the CVFF is by the provisions of Section 42(1)-(2) of the Cabotage Act 2003. Which aims to promote the development of indigenous ship acquisition capacity by providing financial assistance to operators.
Amaechi had, sometime in 2020, set up a committee to develop fresh guidelines for the disbursement of the fund. Part of the new guidelines was that only indigenous ship owners who had contributed to the fund were eligible to access the loan. Saraki, however, expressed regrets over the non-disbursement of the CVFF, describing it as a national shame.