{"id":3373,"date":"2013-05-09T02:26:54","date_gmt":"2013-05-09T02:26:54","guid":{"rendered":"http:\/\/disnaija.com\/nigerian-newspapers\/reps-to-probe-nimasa-over-n40b-vessel-fund\/"},"modified":"2013-05-09T02:26:54","modified_gmt":"2013-05-09T02:26:54","slug":"reps-to-probe-nimasa-over-n40b-vessel-fund","status":"publish","type":"post","link":"https:\/\/disnaija.com\/reps-to-probe-nimasa-over-n40b-vessel-fund\/","title":{"rendered":"Reps to probe NIMASA over N40b vessel fund"},"content":{"rendered":"
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The House of Representatives is set to probe the handling of the N40billion Cabotage Vessel Financing Fund (CVFF ) by the Nigerian Maritime Administration and Security Agency ( NIMASA).<\/p>\n

The investigation was prompted by the discovery that the fund has been trapped in some designated banks.<\/p>\n

Following the adoption of the motion raised by Hassan Saleh (PDP, Benue), the Speaker, Aminu Tambuwal, constituted an ad hoc Committee that would also determine the total amount that had been generated under the fund since inception.<\/p>\n

The Committee that was given four weeks to turn in its report, was also requested to ascertain the banks warehousing the funds and their level of participation in the scheme.<\/p>\n

The fund was established by the Cabotage Act, 2003, to promote the development of indigenous ship acquisition capacity by providing financial assistance to Nigerian operators in domestic coastal shipping.<\/p>\n

Saleh, regretted that rather than stimulate Nigeria\u2019s maritime growth through participation of indigenous ship owners in maritime transport, the fund has remained inaccessible to Nigerian maritime investors.<\/p>\n

Besides, more than N40billion is allegedly trapped in designated commercial banks, a development that has defeated the purpose of establishing the fund, he noted.<\/p>\n

\u201cThe actions of the banks and NIMASA have defeated the laudable objectives of the fund. If the maritime sector was fully developed, it had the potentials to generate much revenue as the oil sector.<\/p>\n

\u201cMore than 90 per cent of the country\u2019s international trade was being carried out on the sea. Only 20 active Nigerian registered vessels were handling the country\u2019s external trade, while the remaining percentages are owned by foreigners,\u201d he added.<\/p>\n

Kingsley Chinda ( PDP, Rivers ) said the motion has exposed the fact that Nigeria has weak institutions, which are responsible for the problems we have in implementing statutes and policies.<\/p>\n

\u201cBut if passed, the maritime sector would be taken over by Nigerians,\u201d he said.<\/p>\n

Friday Itulah ( PDP, Edo ), noted that Nigerians\u2019 participation in the cabotage industry was not satisfactory, adding that there was a need for Nigerians to look inward to develop the economy.<\/p>\n

According to Patrick Ikhari ( PDP, Edo), if the economic sector was well managed, the management of other sectors would not pose any problem.<\/p>\n

Meanwhile, the House of Representatives was divided yesterday over how to protect Nigerians from foreign incursion and takeover of petty and retail trading in the country.<\/p>\n

While some felt that foreigners should be prevented from petty trading and retail business through the instruments of law, others opined that making it a law would be counter-productive as retaliatory action from other countries should be expected.<\/p>\n

The bill for an Act to Amend the Nigerian Investment Promotion Commission Act, sponsored by Saviour Udoh (PDP, Akwa Ibom) generated heated argument on the floor but the Speaker, Aminu Tambuwal had to intervene before it scaled second reading.<\/p>\n

The Speaker, after an exhaustive debate prevailed on his colleagues saying Nigerians should rather be given the opportunity to decide what they prefer out of the available.<\/p>\n

Opponents of the bill that included Nnenna Ukeje (PDP, Abia) said cation must be exercised because, Nigerians being migratory in nature that are all over the world should be taken into consideration.<\/p>\n

She said: \u201cThe backlash of reciprocity should be considered because we have Nigerians in other countries of the world. Should Nigeria shut her borders against foreign investment, what happens to our unemployed youths that we hope get engaged through Foreign Direct Investment (FDI)?\u201d<\/p>\n

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Posted in Nigerian Newspapers. <\/a>A DisNaija.Com<\/a> network.<\/p>\n

Source: The Nation Newspaper<\/p>\n

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