The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed the commitment of President Bola Ahmed Tinubu’s administration to the disbursement of the Cabotage Vessel Financing Fund (CVFF).
This was the focus of discussions when the Director-General of NIMASA, Dr. Dayo Mobereola, led a delegation from the Nigerian Maritime Administration and Safety Agency, NIMASA to meet with the Minister.
Mr. Edun emphasized that the CVFF disbursement remains a priority, as it is expected to have a positive ripple effect on the economy, drive growth, create employment opportunities, and strengthen Nigeria’s position as a major maritime hub in Africa.
On his part, Dr. Mobereola stated that the Ministry of Marine and Blue Economy has identified the CVFF disbursement as a key performance indicator (KPI) for 2025.
He said that Minister of Marine and Blue Economy, Adegboyega Oyetola, has “directed us to engage with the Minister of Finance to resolve all technicalities and establish modalities to fast-track the disbursement of the CVFF to beneficiaries. This administration is committed to unlocking the sector’s full potential”.
He further noted that the funds have been domiciled with the Central Bank of Nigeria (CBN) since the implementation of the Treasury Single Account (TSA). As part of efforts to accelerate the process, the Minister of Finance has approved the inclusion of a representative from the Ministry in NIMASA’s in-house committee on CVFF disbursement, under the supervision of the Ministry of Marine and Blue Economy.
The finance minister also stressed the importance of regular updates and transparency in the utilization of the fund, ensuring that contributors and key stakeholders benefit efficiently while positioning Nigeria’s maritime industry for sustainable growth.
Customs DSS To Collaborate On Cross Border Crimes
In a bid to enhance national security and combat cross-border crimes, Customs Area Controller (CAC), in charge of the Oyo/Osun Area Command, Comptroller Joseph Adelaja, has called for stronger intelligence sharing and inter-agency collaboration between the Nigeria Customs Service (NCS) and the Department of State Security (DSS).
According to a press release issued by the command’s Public Relations Officer, Assistant Superintendent of Customs II, Abdulmalik Akintola, Comptroller Adelaja made the call during a courtesy visit to the DSS Headquarters in Ibadan, Oyo State, on 6 March 2025, where he was warmly received by the DSS State Director, Adelakun, and other senior officials.
Speaking during the visit, Comptroller Adelaja emphasised the need for a stronger collaboration between the Nigeria Customs Service (NCS) and the DSS, given the increasingly sophisticated methods used by smugglers and other criminal networks.
He reiterated the commitment of the Oyo/Osun Area Command to working closely with the DSS through coordinated efforts, capacity-building initiatives, and real-time intelligence exchange to ensure a more effective response to security challenges.
In his response, the DSS State Director, Mr Adelakun, commended the Customs Area Controller for his proactive approach and assured of the agency’s commitment to continuous collaboration in combating trans-border crimes.
