Recall that the Nigerian Maritime Administration and Safety Agency had in March said it received the approval of President Muhammadu Buhari to disburse the Fund to qualified indigenous maritime operators in line with the Treasury Single Account policy and the CVFF Guidelines of 2006.
However, the agency is yet to apply the over $200 million accumulated in the Fund into the acquisition of vessels for local shipowners, who have been struggling to survive due to lack access to funds to run their business.
The minister said, “the president made approval saying go ahead and disburse, and the attorney-general said go ahead, the law says its a private fund but the minister of finance, Zainab Ahmed protested that it is a public fund and cannot be spent, so what will I do?” Amaechi asked rhetorically. He, therefore, advised shipowners to write a protest letter to the president, seeking the disbursement of the fund and explaining why the fund is a private fund.
The minister said, “the owners of the fund should write to the president and copy me, then I will go back to the president. The law says it’s 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,” he said.
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