FG prioritises disbursement of CVFF – Minister

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed that President Bola Tinubu’s administration is committed to the disbursement of the Cabotage Vessel Financing Fund.

This was contained in a statement on Monday by the Head of Public Relations at the Nigerian Maritime Administration and Safety Agency, Mr. Osagie Edward.

According to the statement, the decision was the focus of discussions when the Director-General of NIMASA, Dr. Dayo Mobereola, led a delegation from the agency to meet with the minister.

The statement read in part, “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.”

Speaking further, Edun stated 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.”

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

Earlier, Mobereola stated that the Ministry of Marine and Blue Economy has identified the CVFF disbursement as a key performance indicator for 2025.

“The Minister of Marine and Blue Economy, Adegboyega Oyetola, has 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,” Mobereola said.

He further noted that the funds have been domiciled with the Central Bank of Nigeria since the implementation of the Treasury Single Account.