Amaechi Accuses Finance Ministry Of Frustrating $200m Cabotage Fund Disbursement
The minister of transportation, Rotimi Amaechi, has faulted the ministry of finance for its decision to stall the disbursement of the $200million Cabotage Vessels Finance Fund (CVFF).
Amaechi urged ship owners to write a protest letter to the president asking about the disbursement of the fund and explain why the fund is a private fund. According to Amaechi, the attorney general of the federation, Abubakar Malami, has approved the disbursement of the $200 million fund but the minister of finance, Zainab Ahmed, is fighting against the disbursement,
Amaechi said: “The owners of the fund should write to the president and copy me, and then I will go back to the president. The law says it is not a public fund, now that they are aware they should write to say we are aware of the approval, and we are aware of the protest by the minister of finance and if I have all these, I will go back to the president,”
“I said we will address the issue of security in the maritime sector because the reasons why vessels are not able to go to Port-Harcourt, Warri and other places is because of the high cost of insurance.
“High cost of insurance is a result of insecurity, so if we address the issue of insecurity which is the root cause, then the high cost of insurance will reduce and more businesses will go to the South-south where we have other seaports.
“Since we launched the equipment for the security architecture, we are now monitoring improvement and this is going to reduce because we have equipment and human beings managing them,”