Reps suspend disbursement of $700 million cabotage fund
The House of Representatives has ordered the suspension of the planned disbursement of a $700 million cabotage vessel financing fund to Nigerians and companies by the Nigerian Maritime Administration and Safety Agency (NIMASA).
This followed the adoption of a motion of urgent public importance by Henry Nwawuba (PDP-Imo) during a plenary in Abuja.
In his motion, Mr Nwawuba noted that the Coastal and Inland Shipping (Cabotage) Act, 2003, established the cabotage vessel finance fund to promote the development of indigenous ship acquisition capacity by providing financial assistance to Nigerian operators in domestic coastal shipping.
Mr Nwawuba added that he was concerned that since the fund’s establishment, there had been no reliable data on the total amount accrued to it.
The legislator explained that there was no certainty as to the actual worth of the fund, adding that since the establishment of the Cabotage Vessel Finance Fund in 2003, there was no record of any Nigerian citizen or company who had benefited from the fund.
The legislators, however, directed the Committee on Local Content to engage an external auditor to audit all contracts entered into in the cabotage regime and report within seven days. They urged the agency to present an audited statement of account showing all monies accrued to the Cabotage Vessel Finance Fund within seven days.
The committee is also to commence immediate investigations into the Cabotage Vessel Finance Fund to determine all monies accrued to the fund since its establishment in 2003 and report to the house within 14 days.
The lawmakers asked the minister of state for transport and NIMASA director-general to report to the house committee on local content on the state of the Cabotage Vessel Finance Fund and how the funds have been applied over the past 20 years.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
Tinubu mourns veteran journalist Sidi Ali
“The late statesman was a prolific writer, publishing 19 books and numerous articles.”
States
Residents scoop fuel as tanker falls in Edo
The truck driver was said to have lost control of the vehicle while trying to ascend the hill.
NationWide
MNJTF working to eliminate Boko Haram, ISWAP in Lake Chad: Official
He urged the public not to panic by the troops’ movements but to offer support to them to eradicate the terrorists.
NationWide
Tinubu congratulates information, interior ministers on birthdays
The President said the minister has brought finesse and immense experience to his role as Nigeria’s image maker.
States
Zamfara govt. to deal with workers receiving multiple salaries
He advised them to support the present administration in its determination to sanitise the state civil service.
States
Anambra labour unions call for establishment of civil, judicial service commissions for workers’ rights
They also called for the appointment of a special adviser on labour matters in the state.