The move followed the report presented by the House Committee on Nigerian Content Development and Monitoring.
The Cabotage Act provides that two per cent of the contract sum performed by any vessel engaged in Cabotage trade shall be paid into the CVFF for the development of domestic coastal shippers. But briefing newsmen at the National Assembly in Abuja on Thursday, Legor Idagbo, the chairman of the Committee
He said it was also to ensure the disbursement did not violate any of the extant laws made by the National Assembly. He added that the committee applauded NNPC for its commitment to awarding the shipping contracts to indigenous companies that had built capacity to the level where they could successfully execute the contracts.
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