The Minister of Transportation, Mu’azu Sambo delivered on Saturday, what many may see as Yuletide season’s gift to indigenous shipowners as he revealed that President Mohammed Buhari has finally approved an immediate disbursement of the Cabotage Vessels Financing Funds (CVFF).

The CVFF, a contribution made by shipping firms for the development of indigenous shipping concerns, has been on hold for several years.

Speaking at the flag-off ceremony of the third phase of Nigerian Seafarers Development Programme (NSDP) in Lagos on Saturday, the Minister of Transportation, Engr. Mu’azu Sambo also said that five Primary Lending Institutions (PLI) are to drive the process.

He said that the Nigerian Maritime Administration and Safety Agency (NIMASA) has been mandated to liaise with the Minister of Finance, Mrs. Ahmed Zainab, and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to facilitate a quick and seamless disbursement.

The Minister was elated that the approval has finally broken the 17 years Non- disbursement of the controversial funds.

He revealed the plan of the government to  move the funds from the TSA to the CBN once the amount gets to $50m