This was contained in a statement by the Director, Press and Public Relations of the ministry, Henshaw Ogubike.
Sambo stated this at a meeting with representative Heads of the PLIs, including the Managing Directors of Polaris Bank, UBA, Union Bank, Zenith Bank, Jaiz Bank, the Director General of the Nigeria Maritime Administration Agency and other stakeholders. He reiterated that the President, Major General Muhammadu Buhari , had approved the immediate disbursement of the CVFF through five primary lending institutions, namely: Polaris, Zenith, Union, Jaiz and UBA banks.
The CVFF is an intervention fund created by the federal government for the development of indigenous shipping capacity in Nigeria for the maintenance of existing vessels or the purchase of new ones. According to the minister, the president also approved that the two per cent charge that makes up the Cabotage Fund should continue to accrue to the Central Bank of Nigeria Treasury Single Account and each time the account hits $50m, the minister of transportation should, on the recommendation of NIMASA, direct the CBN to release the amount to any of the five banks for disbursement”.
Tommorow I go prank this soldiers on Election Day. I go do like say I wan run with the ballot box 🗳… but na prank