The House of Representatives Committee on Nigerian Content Development and Monitoring has approved that the Nigerian Maritime Administration and Safety Agency can continue the disbursement of $700m from the Cabotage Vessel Finance Fund.
The House had on May 2, 2023, asked the NIMASA to stop its plan to disburse the sum from the Fund.
Members of the House had resolved to direct the Committee on Local Content 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.”
The House had also directed the committee to engage an external auditor to audit all contracts that have been entered into in the cabotage regime and report the same to the House within 14 days.
The lawmakers had also resolved to “direct NIMASA to immediately stop the planned disbursement of $700m to Nigerian citizens and companies,” asking the agency to and lay before the House, an audited statement of account “showing all monies that have accrued to the Cabotage Vessel Finance Fund not later than seven days from the date of this resolution.”
Furthermore, the House resolved to invite the Minister of Transport, Muazu Sambo; and the Director-General of NIMASA, Bashir Jamo, “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.”
