The House of Representatives has suspend the planned disbursement of $700 million Cabotage Vessel Financing Fund (CVFF) to Nigeria shipping companies by the Nigerian Maritime Administration and Safety Agency (NIMASA).
The House also directed the agency to present an audited statement of account showing all monies that have accrued to the CVFF within seven days.
The lawmakers also asked the Minister of State for Transportation and NIMASA Director-General to report to the House Committee on local content on the state of the Fund and how the funds have been applied over the past 20 years.
Details later
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