The Federal Government has stated that the Cabotage Vessels Financing Fund disbursement cannot be halted.
The Punch reported that according to a release, the minister of transportation, Mu’azu Sambo, said this over the weekend in Lagos during the investiture and inauguration of the seventh president of the Nigerian Chamber of Shipping, Mr. Aminu Umar.
Recall that the Nigerian Maritime Administration and Safety Agency had been requested by the House of Representatives to halt its intention to distribute $700 million from the Cabotage Vessel Finance Fund.
The members agreed to give the Committee on Local Content instructions to “immediately commence investigations of the Cabotage Vessel Finance Fund to determine all monies that have accrued to the Fund since its establishment in the year 2003 and report to the House within 14 days.”
In response, Sambo acknowledged that the House’s position is consistent with the general procedure of investigation and due diligence.
“Thereafter, against all odds, we were able to secure the president’s approval to distribute the Cabotage Vessel Financing Fund,” he continued. Everything was set in motion for it to be distributed in the first week of April through the chosen financial institutions in accordance with the Cabotage Act and authorized Regulations, but the fund’s distribution is currently being held up by an ongoing issue from the House of Representatives.
According to Sambo, the ministry has received approval for a cargo tracking system that will be used for all imports and exports across all sea and land borders.
“The Electronic Cargo Tracking Note,” an official document that serves as a marine waiver certificate, is now a requirement for some African nations in order to efficiently monitor and control import/export traffic.
The method, according to the minister, would stop revenue leaks and increase cargo invoicing transparency.
According to Sambo, the adoption of this plan will help with the issue of inaccurate cargo classification, concealment, and underdeclaration.
