•House of Representatives
The House of Representatives Committee overseeing the activities of the Nigeria Maritime Safety, Education and Administration (NIMASA) today approved the ₦774.77 revenue target presented to it by the agency.
Speaking at a budget defence session with the agency, Chairman of the Committee, Khadijat Abba-Ibrahim however queried the possibility of the agency meeting the revenue target considering the short fall in its 2024 revenue generation exercise, reports The Nation.
Director General of the agency, Dr. Dayo Mobereola had told the committee that the NIMASA was target an increase in its revenue for 2025.
She drew the attention of the management to a major fiscal shift under the present administration, requiring NIMASA to remit 50% of its IGR to the federal treasury—”A significant departure from the previous policy that allowed the agency to retain all IGR”.
The committee, however, questioned the credibility of doubling the revenue target given the ₦97 billion shortfall in 2024.
It also raised the alarm on the steep rise in personnel costs, from ₦42 billion in 2024 to ₦73 billion in 2025, and queried whether this was due to mass recruitment or inflated benefits.
Represented by the Executive Director, Finance and Administration, Hon. Chidi Offodile, the DG disclosed that after deductions, including federal remittances and maritime fund contributions, ₦264.96 billion would be available for operations.
He listed freight levies, offshore waste management, sea protection and ship registration as major revenue sources, alongside new gains expected from automation, the rollout of a modular floating dock and collaboration with the U.S. Coast Guards.
Speaking on the implementation of the 2024 budget, the executive director disclosed that while NIMASA projected ₦467.4 billion in revenue for 2024, actual collections amounted to ₦370 billion, indicating a 79% performance rate. Recurrent expenditures reached 87% of budgeted allocations, while capital spending stood at 51% implementation.
The capital expenditure also came under scrutiny, with the committee questioning how NIMASA plans to implement ₦89 billion in capital projects when 50% of its revenue will be deducted at source.
Responding to questions, the executive director said all budgets are projections subject to economic variables.
He attributed the ambitious 2025 targets to anticipated oil production increases, enhanced revenue automation, and operational scale-up. “We are confident that with better systems and strategic partnerships, we can meet these targets,” he said.
In adopting the budget to be presented to the plenary, the committee urged the agency to release the N200 billion approved for NIMASA for some key projects at the Maritime Academy of Nigeria, Oron in Akwa Ibom State.
