How Marine& Blue Economy Ministry Revenue Rose by 92 % – Oyetola

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Minister of Marine and Blue Economy, Adegboyega Oyetola

By Shola Fadeyi

 

The Marine and Blue Economy Minister, Adegboyaga Oyetola  has explained  the rationale behind the increase by 92 per cent , of the revenue the Ministry  recorded through  four of its  agencies in the first quarter of 2024.

 

The  agencies , include the Nigerian Maritime Administration and Safety Agency(NIMASA), Nigerian Ports Authority (NPA) , the Nigerian Shippers’ Council((NSC) and the National Inland Waterways Authority (NIWA).

 

The Minister who made the revelation   during a sectoral briefing in Abuja  to mark President Bola Tinubu’s first year in office, stated that the Ministry recorded  N242 billion in the first quarter of 2024, as against  N126 billion in the corresponding period of 2023, from the  four agencies .

 

A breakdown showed that the Ministry’s motivation made it possible for NPA to record  N170,493,192,630 in the first quarter of 2024, as against N82,987,439,908 in the same period of 2023; NIMASA ,N62,154,237,671 compared to  N37,405,830,219 ; NSC , N8,675,726,282 as against N4,878,647,275 and  NIWA , N1,488,588,8021 compared to N1,087,157,340.

 

According to him, the revenue performance has largely been due to a 10% increase in the number of vessels calling at the Nigerian ports as a result of the Ministry’s strategic investments in port infrastructure in the areas of mooring boats, patrol vessels, and dredging of the ports’ channels during the period.

 

He said the Ministry was able to achieve a rise in revenue due to the agencies adherence  to the policy measures outlined for them by the Ministry and as a result of the positive impact of the  Performance Bond he signed with the Heads of the agencies.

 

Oyetola stated that the Ministry has also ensured consistent revenue increase assurance by deploying technology, adding that revenue generation is critical to the Ministry.

 

The  blocking  of revenue leakages,  through the Automation of revenue collection processes to eliminate bottlenecks and enhance transparency and accountability,as well as deploying revenue assurance technologies, to ensure accurate and complete billings in line with established contracts and services rendered , according to the Minister, also contributed to the rise in the revenue.

 

A part of the measures to ernsure a continual increase  in the revenue of the agencies under the Ministry,  the Minister disclosed that the Ministry has begun the implementation of  a 3- pronged strategy  set to  double  the current  revenue generation by its agencies to   N2 trillion per annum by 2027.