BEVERLY HILLS, CA, October 08, (THEWILL) – The House of Representatives on Tuesday decried the neglect of the maritime sector, saying it is suffering from cancer of ineptitude due to poor regulatory framework.
Speaker of the House, Hon. Aminu Waziri Tambuwal, who disclosed this at an investigative hearing on Cabotage Vessel Financing Fund organised by the House Ad – hoc Committee on Cabotage Vessel Financing Fund (CVFF), said the desired salutary effect has not been seen in the volume of cabotage business in Nigeria.
“Over the years, our maritime sector has suffered from the cancer of ineptitude, occasioned by poor regulatory framework. In 2003, the National Assembly passed the Coastal and Inland Shipping (Cabotage) Act principally to provide the necessary legal framework and enabling operating environment for the sector to the advantage of Nigeria.
“However, despite the enactment of that law, the Nigerian Inland Waterways has remained grossly a wasteland for the national economy. The desired salutary effect has not been seen in the volume of cabotage business in Nigeria. The fear is that some unpatriotic people are misapplying the Cabotage Vessel Financing Funds to the detriment of its objectives,” Tambuwal alleged.
In his speech, chairman of the ad-hoc committee, Hon. Christopher Eta, instead, expressed surprise , asking rhetorically : “Can it be said that the vision of the nation in setting up the CVFF has been realised? With the current status of the fund and its current mode of its administration, would that vision be realisable? Are there structural challenges encountered in the operation of the fund, which are adversely affecting its objectives?”
Eta reminded all Nigerians that they are duty -bound to ensure that Nigeria does not remain perpetually in the backwater of maritime activities, especially in the cabotage sector.
“It is our objective to give life to indigenous shipping in the cabotage sector and also ensure that the Cabotage Act 2003 is given the desired effectiveness. For the avoidance of doubt, the hearing has nothing to do with any witch -hunting of any person. We must, however, not shy away from doing what is right,” he added.
In his presentation at the hearing, Minister of Transport, Senator Idris Umar, put inflows of CVFF from third parties at N32,143,192,716.39; less direct payment to consultants from source at N1,432,569,170.66; and net balance of inflow, after direct payment to consultants at N30,710,623,545.73.
The Minister also put the total amount of funds released to the Primary Lending Institutions (PLIs) , namely Fidelity Bank, Skye Bank, Diamond Bank and Sterling Bank as at 1st May 2013 at N17,580,474,249.39; and the total amount of funds yet to be released to the PLIs, namely Access Bank Plc, Guarantee Trust Bank, Mainstream Bank and Keystone Bank at N3,227,544,868.46.
By Saint Mugaga, Abuja
