CVFF: Finance Minister Expresses FG’s Commitment towards Disbursement

CVFF: Finance Minister Expresses FG’s Commitment towards Disbursement

At last, years much touted disbursement hullabaloo over the Cabotage Vessels Financing Funds (CVFF) was recently given a boost with the expression of commitment from the Federal Government.                 

L-R: Director, Cabotage Services, Nigerian Maritime Administration and Safety Agency, NIMASA, Kabir Murnai; Coordinator Abuja Zonal Office, NIMASA; Moji Jimoh; Special Adviser to Minister; Hauwa Ibrahim; DG/CEO, NIMASA, Dr. Dayo Mobereola; Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Executive Director, Maritime Labour & Cabotage Services, NIMASA, Mr. Jibril Abba; Assistant Director, CVFF/Stakeholder engagement

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has on behalf of federal government reaffirmed the commitment of President Bola Ahmed Tinubu’s administration to the disbursement of the Cabotage Vessel Financing Fund (CVFF).

According to a press release statement from the Nigeria Maritime Administration and Safety Agency (NIMASA) signed by Osagie Edward FNIPR, Head Public Relations, the above was the focus of discussions when the Director-General of NIMASA, Dr. Dayo Mobereola, led a delegation from the Nigerian Maritime Administration and Safety Agency, NIMASA to meet with the Minister.

The statement said, the Finance Minister, Mr. Edun emphasized that the CVFF disbursement remains a priority, as it is expected to have a positive ripple effect on the economy, drive growth, create employment opportunities, and strengthen Nigeria’s position as a major maritime hub in Africa.

While on his part, the DG NIMASA, Dr. Mobereola stated that the Ministry of Marine and Blue Economy has identified the CVFF disbursement as a key performance indicator (KPI) for 2025.

“The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, CON directed us to engage with the Minister of Finance to resolve all technicalities and establish modalities to fast-track the disbursement of the CVFF to beneficiaries.     This administration is committed to unlocking the sector’s full potential,” Dr. Mobereola said.

He further noted that the funds have been domiciled with the Central Bank of Nigeria (CBN) since the implementation of the Treasury Single Account (TSA). As part of efforts to accelerate the process, the Minister of Finance has approved the inclusion of a representative from the Ministry in NIMASA’s in-house committee on CVFF disbursement, under the supervision of the Ministry of Marine and Blue Economy.

The Finance Minister also stressed the importance of regular updates and transparency in the utilization of the fund, ensuring that contributors and key stakeholders benefit efficiently while positioning Nigeria’s maritime industry for sustainable growth.