Amaechi accuses finance ministry of frustrating $200m cabotage fund disbursement – Newstrends
Connect with us

Business

Amaechi accuses finance ministry of frustrating $200m cabotage fund disbursement

Published

on

Minister of Transportation, Rotimi Amaechi, has said the ministry of finance is frustrating the disbursement of the $200million Cabotage Vessels Finance Fund.

The Nigerian Maritime Administration and Safety Agency had in March this year said it received the approval of President Muhammadu Buhari to disburse the CVFF to qualified indigenous maritime operators in line with the treasury single account (TSA) policy and the CVFF guidelines of 2006.

However, the agency is yet to apply the over $200 million fund to acquire vessels for local ship owners who have been struggling to survive due to inadequate funds to run their business.

 

Speaking at the 2020 federal ministry of transportation ministerial retreat in Lagos, Amaechi said president Muhammadu Buhari and the attorney general of the federation, Abubakar Malami, have approved the disbursement of the fund but the minister of finance, Zainab Ahmed, protested against the disbursement, saying, it is a public fund and shouldn’t be disbursed to private operators.

He, however, advised ship owners to write a protest letter to the president seeking the disbursement of the fund and explain why the fund is a private fund.

“The owners of the fund should write to the president and copy me, and then I will go back to the president. The law says it is not a public fund, now that they are aware they should write to say we are aware of the approval, and we are aware of the protest by the minister of finance and if I have all these, I will go back to the president,” the minister said.

He maintained that with the commissioning of the Deep Blue Project, vessels that were unable to visit the eastern ports can now do so without fear of attacks.

“I said we will address the issue of security in the maritime sector because the reasons why vessels are not able to go to Port-Harcourt, Warri and other places is because of the high cost of insurance.

“High cost of insurance is a result of insecurity, so if we address the issue of insecurity which is the root cause, then the high cost of insurance will reduce and more businesses will go to the South-south where we have other seaports.

“Since we launched the equipment for the security architecture, we are now monitoring improvement and this is going to reduce because we have equipment and human beings managing them,” he assured.

Also speaking, the director general, NIMASA, Dr Bashir Jamoh, said the agency was doing everything possible to put the floating dockyard into use.

According to him, the quay to berth the floating dock at Continental shipyard is weak, rusty and old hence the need for rehabilitation.

“In summary, we are just trying to see how we can effectively and safely get a place where we can berth the floating dock and commence operations but, every other thing about the floating dock is complete except where to berth the vessel,” he explained

Aviation

Disaster averted as bird strike hits Abuja-Lagos Air Peace flight 

Published

on

Disaster averted as bird strike hits Abuja-Lagos Air Peace flight 

 

An Abuja-Lagos flight was on Thursday aborted following a bird strike on the airplane belonging to Air Peace, forcing the authorities to ground the aircraft.

The bird strike experienced in the early hours reportedly prompted a ramp return to ensure the safety of passengers onboard.

All the passengers quickly disembarked and were calmed down before they were moved into another plane for the one-hour journey.

A bird strike is a collision between a bird and an aircraft, or other airborne animal, while the aircraft is in flight, taking off, or landing. And it can be a significant threat to aircraft safety.

Air Peace in a statement by its Head of Corporate Communications, Ejike Ndiulo, said the bird strike occurred at 6:30am, and all passengers disembarked normally.

The statement read, “We wish to inform our esteemed passengers that our Abuja- Lagos 06:30 flight experienced a bird strike before take-off, prompting a ramp return as a safety measure. All passengers disembarked normally.

“We have deployed a replacement aircraft for the affected flight in order to minimize disruptions, thus ensuring that passengers continue their journeys promptly.

“We appeal for the understanding of our valued passengers impacted by this development, as well as those on other flights that may experience delays.

“At Air Peace, we are committed to providing safe, comfortable, and reliable air travel for all our passengers.”

Continue Reading

Business

NNPC achieves 1.8mbpd crude oil production

Published

on

NNPC achieves 1.8mbpd crude oil production

The Nigerian National Petroleum Company Limited (NNPC Ltd) and its partners have revved up crude oil and gas production to 1.8million barrels per day (mbpd) and 7.4standard cubic feet per day (scfd).

The company which announced this at a press briefing said the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu.

Speaking on the development, the Group Chief Executive Officer, Mr. Mele Kyari, congratulated the Production War Room Team that anchored the production recovery process.

“The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long terms acceptable to our shareholders based on the mandates that we
have from the President, the Honourable Minister, and the Board,” Kyari explained.

Giving details of the efforts of the Production War Room, the Chief War Room Coordinator and Senior Business Adviser to the Group Chief Executive Officer, Mr. Lawal Musa, disclosed that the feat was achieved through the collaborative efforts of Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, as well as government and private security agencies.

READ ALSO:

He said the interventions that led to the recovery of production cut across every segment of the production chain with security agencies closely monitoring the pipelines.
He stressed that when the Production War Room team was inaugurated on 25th June 2024, production was at 1.430mbpd, but the team swung into action, culminating into sustaining the production recovery to 1.7mbpd in August and hitting the current 1.808mbpd in November.
“We are confident that with this same momentum and with the active collaboration of all stakeholders, especially on the security front, we can see the possibility of getting to 2mbpd by the end of the year,” he stated.
Also speaking on the development, Chairman of the NNPC Ltd Board of Directors, Chief Pius Akinyelure, who also congratulated the team, said he was happy to be part of the production recovery process, adding: “today, I will leave this place with my heart full of joy”.

He charged the Company’s Management to come up with a cashflow projection based on the new production figures to facilitate planning, stressing that he was looking forward to further production increase to 3mbpd.

On his part, the Honourable Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, expressed satisfaction with the performance of the team and pledged the Federal Government’s support for the company to do more.

 

NNPC achieves 1.8mbpd crude oil production

Continue Reading

Business

FG gets fresh $134m loan from AfDB for agric projects

Published

on

FG gets fresh $134m loan from AfDB for agric projects

The Federal Government has secured a loan facility of $134million from the African Development Bank (AfDB) to help farmers boost seeds and grain production in the country.

This is contained in a statement issued by Anthonia Eremah, Chief Information Officer, Ministry of Agriculture and Food Security, on Thursday, in Abuja.

Minister of Agriculture and Food Security, Sen. Abubakar Kyari, made his know at the unveiling of the 2024/2025 National Dry Season Farming in Calabar, Cross River State capital.

Kyari explained that with the re-introduction of the national dry season farming to boost year-round agricultural production, the loan would be handy and guarantee national food security in the country.

The minister said the initiative is under the National Agricultural Growth Support Scheme-Agro Pocket (NAGS-AP) Project.

He said the federal government had declared an emergency on food production to enable all Nigerians to get easy access to quality and nutritional food at affordable rates.

Kyari also said government wants to use the agricultural sector for national economic revival through increase in production of some staple food crops such as wheat, rice, maize, sorghum, soybean, and cassava during both dry and wet season farming.

He added that 107,429 wheat farmers were supported under phase 1 of the 2023/2024 dry season, and 43,997 rice farmers under the second phase of the 2023/2024 dry season.

READ ALSO:

The minister said recently, government supported 192,095 rice, maize, sorghum/millet, soyabean and cassava farmers under the 2024 wet season across the 37 States including the FCT.

He said Cross River was leading 16 other states in wheat production, adding that over 3000 wheat farmers have been listed to benefit from the support to grow the grain.

Kyari noted the Cross River government’s commitment to wheat production.

He said it informed why the federal government is partnering with the state to kick start the maiden wheat production and enlisting them among states commencing the current 2024/2025 dry season farming.

“The 2024/2025 dry season farming, the project is targeted to support 250,000 wheat farmers across the wheat-producing states with subsidised agricultural inputs.

“This is to cultivate about 250,000 hectares with an expected output of about 750,000 metric tonnes of wheat to be added to the food reserve to reduce dependence on importation of the product and also increase domestic consumption.

“Equally the programme will provide support to 150,000 rice farmers under the second phase to cover all the 37 states, including FCT, with an expected output of about 450,000 metric tonnes,” he said.

 

FG gets fresh $134m loan from AfDB for agric projects

(NAN)

Continue Reading

Trending