The Minister of Marine and Blue Economy, Adegboyega Oyetola, says that the Cabotage Vessel Financing Fund (CVFF) will be disbursed to eligible shipping companies through the government-approved lending institutions.

Oyetola said: ” Qualified applicants can access up to $25 million each at competitive interest rates to acquire vessels that meet international safety and performance standards.

The fund will be administered in partnership with carefully selected and approved primary lending institutions (PLIs), ensuring professional and efficient disbursement.”

Accordingly, Oyetola has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the process that will lead to the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF).

The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, over two decades, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition.

However, successive administrations failed to operationalise the fund for indigenous shipping until now.

Oyetola, in a press statement by the Media and Communications Adviser to the Minister, Dr Bolaji Akinola, yesterday, lamented that for over 20 years, the CVFF remained a dormant promise.He said this is not just about disbursing funds but about rewriting a chapter in the nation’s maritime history, saying:

“Today, we are bringing it to life deliberately, transparently and strategically.”NIMASA, in alignment with the Minister’s directive, has already issued a marine notice inviting eligible Nigerian shipping companies to apply. “

The Federal Inland Revenue Service (FIRS) is determined to rake in N25.2 trillion revenue in 2025, higher than the N21.6 trillion it collected in 2024.

This was disclosed by FIRS Executive Chairman, Dr Zacch Adedeji, who noted that the FIRS was facing the challenge of ever-increasing demand for greater tax revenue collection by government at all levels, especially in the face of dwindling direct revenue contribution by some Ministries, Departments and Agencies (MDAs).

In a keynote address during the opening ceremony of a two-day workshop, organised by the Service on “Tax Expenditure and its Effects on Government Revenue”, the FIRS chairman said that under the current dispensation, the Service was contributing an average of over 60 percent monthly to the Federation Account.

Adedeji, who was represented by FIRS Coordinating Director, Corporate Services Group, Bola Akintola, said that this is due to several proactive and reformative steps adopted by the Service.

He, however, said that the government was losing revenue through tax incentives, which had been difficult to quantify due to limited data availability.

The Economic and Financial Crimes Commission (EFCC) has launched a full-scale investigation into a suspected N1.3 trillion crypto fraud linked to the now-defunct digital investment platform, CryptoBank Exchange (CBEX).

The EFCC confirmed it is partnering with the International Criminal Police Organisation (INTERPOL) to track both local and international culprits behind the scam.

CBEX, reportedly operated by foreign nationals in partnership with Nigerians, abruptly collapsed on Monday, leaving thousands of investors locked out of their accounts.

Many woke up to find their balances wiped out, with the platform demanding additional deposits before access could be restored.