The House of Representatives Committee overseeing the Nigeria Maritime Safety, Education and Administration (NIMASA) has approved the agency’s proposed revenue target of ₦774.77 billion for the 2025 fiscal year, despite raising concerns over its achievability.
At the budget defence session held on Monday, the committee’s chairperson, Hon. Khadijat Abba-Ibrahim, queried the agency’s ability to meet the ambitious target, citing a shortfall in its 2024 revenue performance.
NIMASA Director General, Dr Dayo Mobereola, represented by the Executive Director for Finance and Administration, Hon. Chidi Offodile, told lawmakers that the agency is looking to significantly increase its income in 2025.
He pointed out that under the current administration’s fiscal regime, NIMASA is required to remit 50 per cent of its Internally Generated Revenue (IGR) to the federal treasury—a departure from the former policy, which permitted the agency to retain all its earnings.
Lawmakers expressed scepticism over the doubling of the revenue target, especially in light of the ₦97 billion shortfall recorded in 2024. The committee also scrutinised the sharp increase in personnel costs, which jumped from ₦42 billion in 2024 to ₦73 billion in the 2025 proposal, questioning whether the rise was due to large-scale recruitment or inflated benefits.
Offodile stated that, after accounting for statutory remittances and contributions to the maritime fund, NIMASA would have ₦264.96 billion available for operations in 2025.
He identified key revenue sources as freight levies, offshore waste management services, marine environment protection, and ship registration. Additional gains are expected from automation, the deployment of a modular floating dock, and strategic collaboration with the United States Coast Guard.
On the implementation of the 2024 budget, Offodile disclosed that while the agency had projected ₦467.4 billion in revenue, actual collection stood at ₦370 billion—representing a 79 per cent performance rate. Recurrent expenditure reached 87 per cent of allocation, while capital spending reflected 51 per cent implementation.
The committee questioned the agency’s ability to execute ₦89 billion in capital projects for 2025, given the deduction of 50 per cent of its IGR at source.
Responding to the inquiry, Offodile explained that all budget figures are projections based on evolving economic conditions. He attributed the agency’s optimistic revenue forecast to anticipated increases in oil production, improved revenue automation, and an expansion in operational scope.
“We are confident that with enhanced systems and strategic partnerships, these targets are achievable,” he said.
In approving the budget for submission to the House plenary, the committee also called on NIMASA to ensure the release of the ₦200 billion already approved for key projects at the Maritime Academy of Nigeria, Oron, Akwa Ibom State.