Reps directs NIMASA to suspend disbursement of $700m Cabotage Fund

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Abuja, May 2, 2023 – The House of Representatives has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to suspend the planned disbursement of $700 million Cabotage Fund to shippers immediately.

The House also directed the agency to present an audited statement of account showing all monies that have accrued to the Cabotage Vessel Finance Fund within seven days.

This followed the adoption of a motion of urgent public importance brought by Henry Nwawuba and adopted by the House on Tuesday.

The House also directed its Committee on Local Content to engage an external auditor to audit all contracts entered into in the cabotage regime and report same to the House within seven days.   

The committee is also to commence immediate investigations into the Cabotage Vessel Finance Fund to determine all monies that have accrued to the Fund since its establishment in 2003 and report to the House within 14 days. 

The lawmakers also 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. (GBN)

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