Nigeria losses over N6bn revenue to insecure waterways *As NIMASA budgets N112bn for 2019

By Tunde Opalana, Abuja 

Within one year Nigeria lost over N6 billion in revenue to insecurity occasioned by piracy on the high seas and the nation’s waterways, bunkering, kidnapping, robbery and other related crimes.

This disclosure was made by the Director General, Nigeria Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside.

Peterside was at the Senate on Tuesday to defend the 2019 budget of NIMASA before the Senate Committee on Maritime Transportation.

He said that the agency contributed N22. 943, 297, 303 to the consolidated revenue fund in 2018 which was the highest revenue generated by the agency since inception.

Peterside however, said a projection of N16 billion revenue was projected for the current year 2019.

Presenting the 2019 budget of the agency, he said that “total budget revenue for 2019 is N112, 110, 848, 651. Out of this, personnel emolument cost N20, 146, 537, 532, overhead N24 billion, capital expenditure N17, 556, 729, 355 mostly on ongoing maritime projects while the maritime fund projects cost N71, 006, 703, 203.” 

He attributed the projected drop in earnings and payments into government coffers to imminent loss of revenue due to insurgent activities in the marine sector.

The director general said despite efforts by security agencies, especially the Nigerian Navy to curtail the activities of pirates on the high seas and inland waterways, their criminal actions still subsist and will invariably infract on earnings in the sector.

Peterside identified bunkering activities in the creeks, armed robbery, kidnapping of maritime and oil industry workers as other vices capable of limiting the earning power of operators in the industry.

He said the N16 billion projected revenue could be increased should there be improvement in the security of the country’s waterways.