Reps panel endorses N774.7bn budget for NIMASA

The House of Representatives Committee on Maritime Safety, Education and Administration has approved the 2025 budget proposal of N774.77 billion for the Nigerian Maritime Administration and Safety Agency (NIMASA). The endorsement came during a budget defence session held on Monday at the National Assembly, where the agency’s revenue projections and spending plans were reviewed. The […]

The House of Representatives Committee on Maritime Safety, Education and Administration has approved the 2025 budget proposal of N774.77 billion for the Nigerian Maritime Administration and Safety Agency (NIMASA).

The endorsement came during a budget defence session held on Monday at the National Assembly, where the agency’s revenue projections and spending plans were reviewed.

The Committee chairperson, Hon. Khadija Abba-Ibrahim, led the session and announced the panel’s decision after a presentation by NIMASA’s management.

The Director-General of NIMASA, Dr. Dayo Mobereola, represented by the Executive Director of Finance and Administration, Chidi Offodile, disclosed that the agency is targeting N774.66 billion in revenue for 2025.

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Out of the projected revenue, he said only N264.96 billion would be available for operations after statutory deductions, including remittances to the federal government and contributions to the maritime fund.

Offodile listed major revenue sources as freight levies, offshore waste management, sea protection, and ship registration.

He also cited new streams expected from enhanced automation, the deployment of a modular floating dock, and international collaborations, including with the U.S. Coast Guard.

On the implementation of the 2024 budget, Offodile noted that while NIMASA had projected N467.4 billion, it realized N370 billion as of the third quarter—representing a 79% performance rate.

He added that recurrent expenditure stood at 87% implementation, while capital expenditure reached 51%.

In her remarks, Hon. Khadija Abba-Ibrahim observed that NIMASA was no longer remitting 100% of its internally generated revenue (IGR), in line with a new fiscal policy requiring all revenue-generating agencies to remit 50% of their IGR to the federal treasury.

She described this as “a significant departure” from previous practices and urged the agency to align with current fiscal directives.

Members further queried the rationale behind projecting N89bn in capital expenditure while half of the agency’s IGR is to be remitted at source.

Responding, Offodile said all budgets are based on projections and subject to prevailing economic variables. He attributed the optimistic outlook to expected increases in oil production, expanded automation, and strategic partnerships.

“We are confident that with better systems and operational scale-up, we can meet our targets,” he said.

While adopting the proposal for presentation to the House plenary, the committee urged NIMASA to release the N200 billion already approved for key capital projects at the Maritime Academy of Nigeria, Oron, Akwa Ibom State.