The House of Representatives has expressed support for the planned disbursement of the $700 million Cabotage Vessel Finance Fund.
This came on Thursday following the unanimous adoption of recommendations of its committee on Nigerian Content Development and Monitoring, which it earlier mandated to investigate issues surrounding the fund.
Chairman of the committee, Legor Idagbo, while briefing newsmen on the development, said in view of its findings during the investigation, it recommended that NIMASA should proceed with the planned disbursement of the fund.
According to him, the planned disbursement was seen to be in tune with extant laws and all due processes for such.
“After a thorough analysis of the various submissions on the matter coupled with the explanations given by the Ministry and NIMASA, the Committee discovered that due process was followed in the planned disbursement of the Cabotage Vessel Finance Fund.
“To ensure the disbursement does not violate any of the extant laws made by the National Assembly, the following persons were nominated to supervise the disbursement process: Rt. Hon. (Barr.) Legor Idagbo, Chairman; Hon. Henry Nwawuba, Member; Mrs. Kehinde Bolade Olaiya , Committee Clerk,” he disclosed.
He noted that it was also discovered that the total fund of $360m in the Cabotage Vessel Finance Fund (CVFF) account with the Central Bank of Nigeria (CBN) represents 50%, while the remaining counterpart fund of 50% is from stakeholders and banks, which is 15% and 35%, respectively.