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Vessel Acquisition: Buhari Approves Disbursement Of Cabotage Vessel Financing Fund

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Vessel Acquisition: Buhari Approves Disbursement Of Cabotage Vessel Financing Fund

….Appoints Union, Zenith, Polaris, UBA And Jaiz Banks As Primary Lending Institutions

President Muhammadu Buhari, GCFR, has approved the immediate disbursement of the Cabotage Vessel Financing Fund, CVFF, to qualified Nigerians as part of the Federal Government’s commitment to grow indigenous capacity of Nigerians to own vessels.

 

The Honorable Minister of Transportation, Engineer Mu’azu Jaji Sambo who made the announcement at a press conference this weekend said that the Presidential approval received by the Ministry on Friday confirmed Union, Zenith, Polaris, UBA and Jaiz Banks as the appointed Primary Lending Institutions for the disbursement of the funds.

 

The Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Bashir Jamoh, OFR, announced that the funds available for disbursement was  slightly over ₦16 billion naira and $350 million dollars.

 

In his words “what we have collected so far is in two folds made up of Naira and Dollar components. So far, the Funds available under the CVFF in naira component is around Sixteen Billion naira (₦‎16,000,000,000:00), while contributions in Dollar component hovers around the Three Hundred and Fifty Million Dollar mark ($350,000,000:00).

 

On his part, the Honorable Minister noted that the Ministry of Transportation has commenced liaison with the Minister of Finance and the Governor of the Central Bank of Nigeria, for the implementation of the Presidential approval.

 

His words: “The president of the Federal Republic of Nigeria, Muhammadu Buhari has approved my request for the disbursement of the Cabotage Vessel Financing Fund. It is my belief that finally we are going to break the 17-year-old jinx that has hindered the expansion of the maritime industry.

 

“We have made a case that the funds belong to you, the ship owners. Mr. President is a man who respects the law and is on the same page with us to proceed with immediate effect. We will be liaising with the Minister of Finance, Budget and National Planning and the Governor of the Central Bank of Nigeria (CBN) to work immediately for the approval.

 

“We have pledged to the president that they will continue to allow the funds to go into the Treasury Single Account, TSA; however, whenever the money hits the threshold of $50million, the CBN upon recommendation from the Nigerian  Maritime Administration and Safety Agency (NIMASA) and the Federal Ministry of Transportation, would be expected to transfer the funds to the Primary Lending Institutions.”

 

The CVFF was established alongside the Nigerian Coastal and Inland Shipping (Cabotage) Act of 2003, to empower indigenous ship owners to take control of the nation’s coastal and inland shipping business, otherwise known as Cabotage trade. Applicants of the Fund would make an equity contribution of 15 per cent while NIMASA would make an equity contribution of 35 per cent; and 50 per cent would be provided by the banks.

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International News

Bangkok Underwater: Nearly 4,900 Evacuated as Floods Hit Thailand Capital

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Heavy rains have triggered severe flooding across parts of Bangkok, Thailand, forcing nearly 4,900 residents to evacuate to shelters as floodwaters swept through roads and residential areas.

The flooding has disrupted movement across parts of the Thai capital, with motorists and pedestrians forced to navigate submerged roads and seek alternative routes.

SEE ALSO: NAFDAC Warns Nigerians As Fake Cowbell Milk Floods Market

According to the Bangkok Metropolitan Administration, about 52,000 households have been affected by the flooding, prompting authorities to declare a flood disaster and intensify emergency response efforts.

Emergency teams have been deployed to assist affected communities and move residents from vulnerable areas to safer locations as water levels rise.

Bangkok is accustomed to seasonal heavy rainfall, but intense downpours can overwhelm drainage systems, particularly in low-lying areas, resulting in widespread flooding and disruption.

Authorities are continuing to monitor affected locations while coordinating evacuations and other emergency measures.

For thousands of residents, the immediate priority remains securing safe shelter and protecting homes and livelihoods as authorities work to manage the situation and restore normal activities once the floodwaters recede.

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NEWS

‘Over 10m Nigerians Got ₦75,000 Cash Transfer, But They’re Not On Social Media’ — Yilwatda

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The National Chairman of the All Progressives Congress (APC), Nentawe Yilwatda, has said more than 10 million Nigerians have received ₦75,000 each through the Federal Government’s conditional cash transfer programme.

Yilwatda made the disclosure on Saturday while responding to questions from journalists after the APC’s three-day National Executive Council (NEC) retreat in Maiduguri, Borno State.

According to him, many of the beneficiaries are not active on social media because they cannot afford mobile phones and other communication devices.

ALSO READ: Atiku Vows Probe of ₦33.75bn Cash Transfer to 3.29m Nigerians

He said this has made the impact of the government’s interventions less visible in online discussions.

“We have given 75,000 naira to over 10 million Nigerians across the country using the conditional cash transfer under the ministry of humanitarian affairs and poverty reduction,” Yilwatda said.

The APC chairman said the beneficiaries were largely vulnerable Nigerians who have limited access to mobile phones, television and social media platforms.

He maintained that the absence of beneficiaries from social media discussions should not be interpreted to mean that government interventions were not reaching them.

Yilwatda also listed road construction, employment opportunities created through infrastructure projects and student loans among programmes implemented by the President Bola Tinubu-led administration.

He said the Federal Government was constructing roads across the country while Nigerians working on the projects were being paid.

His comments come amid ongoing public scrutiny of the Federal Government’s conditional cash transfer programme, particularly regarding the number of beneficiaries and the amount disbursed.

In August, the Minister of Humanitarian Affairs and Poverty Reduction, Bernard Doro, said the government had distributed more than ₦600 billion in cash transfers over three years, reaching slightly more than 10 million households.

Biztellers reports that former Vice-President Atiku Abubakar subsequently questioned the government’s reported beneficiary figures and called for greater transparency and accountability in the programme.

Meanwhile, Yilwatda said the APC NEC retreat also reviewed the party’s structures and activities at the national, state, local government, ward and polling-unit levels ahead of the 2027 general elections.

He said the party had resolved to strengthen reconciliation efforts across its state chapters and urged chapters that had yet to establish reconciliation committees to do so.

Yilwatda added that the APC leadership would take an active role in communicating the Tinubu administration’s programmes and achievements to Nigerians during the party’s electioneering activities.

The APC chairman also said the NEC expressed support for President Tinubu, Vice-President Kashim Shettima and other APC candidates who emerged from the party’s primaries for the 2027 elections.

The party also expressed condolences to the government and people of Niger State over the deaths of 37 miners.

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International News

‘They Are Dying’ — Trump Explains Why He Rejected Iran’s Hormuz Proposal

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US President Donald Trump has explained his decision to reject Iran’s latest proposal to reopen the Strait of Hormuz, saying Tehran was seeking an agreement because it was losing revenue.

Speaking to reporters at the White House, Trump said Iran wanted to immediately reopen the strategically important waterway but argued that the proposal was not acceptable to his administration.

“They want to make a deal, and I think that’s fine. I like making a deal, too, but that deal would not be acceptable,” Trump said.

SEE ALSO: How the Strait of Hormuz Attack Could Trigger a Fresh Global Oil Shock

According to the US president, Iran’s push to reopen the strait was driven by the economic pressure it was facing.

“What they want to do is immediately open the Hormuz Strait. Do you know why? Because they are dying,” Trump said.

“You know why they’re dying? Because they have no money coming in, because they get their money from the Hormuz Strait.”

Trump also claimed that the US had established an unprecedented naval blockade against Iran, describing it as “a wall of steel.”

“So they outsmarted themselves. We put up the greatest blockade ever in military history. It’s a wall of steel,” he said.

“And guess what? They don’t have any money now because they wanted to close the strait.”

The Strait of Hormuz is a major global energy shipping route, and disruption to traffic through the waterway has significant implications for international oil markets and countries that depend on energy imports.

Trump’s remarks came amid continued tensions between Washington and Tehran over the reopening of the strategic waterway and negotiations involving Iran.

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