Tambuwal decries misappropriation of cabotage funds

Tambuwal decries misappropriation of
cabotage funds
on january 06, 2014 at 10:22 am in news
The Speaker of the House of Representatives, Alhaji
Aminu Tambuwal, on Tuesday in Abuja decried the
misappropriation of the cabotage vessel financing
funds.
Tambuwal made this observation at an investigative
hearing organised by the House of Representatives
ad hoc committee to investigate the application of
the cabotage vessels financing fund.
The cabotage financing funds is aimed at promoting
the development of indigenous ship acquisition
capacity by providing financial assistance to
Nigerian operators.
Tambuwal said that in spite of the enactment of the
cabotage Act in 2003, the Nigerian inland water
ways remained “grossly a wasteland.
“The fear is that some unpatriotic people are
misapplying the cabotage vessel financing funds to
the detriment of its objectives,” he said.
According to him, the maritime sector has over the
years, suffered from ineptitude caused by poor
regulatory frame work.
The speaker said the hearing was not aimed at
witch-hunting any individual or group, but aimed at
repositioning the sector.
The speaker was represented at the occasion by
the Deputy Leader of the House,  Leo Ogor (PDP
Delta).
In his presentation, the Minister of Transport, Alhaji
Idris  Umar, said that following the approval of the
implementation guidelines, four banks were
appointed as Primary Lending Institutions ( PLIs).
He said that beneficiaries of the cabotage fund were
Nigerians and shipping companies wholly owned by
Nigerians.
Umar said that the ministry had embarked on due
diligence to ascertain that the funds were disbursed
to bonafide beneficiaries.
The minister said that the waivers granted 10
Nigerian firms in 2010 were in accordance with the
extant laws and guidelines.
He said that a committee had been set up to review
the policy guidelines for granting of ministerial
waivers on cabotage.
According to him, the committee has prepares a
draft policy guideline and is awaiting approval.
Earlier, the Chairman of the committee, Rep.
Christopher Eta (PDP-Cross River), said that it was
the desire of the House to ensure that the cabotage
Act was implemented.
He said that the essence of enacting the cabotage
law was to develop the indigenous shipping industry
in the cabotage sector of Nigerian maritime. (NAN)