Reps approves NIMASA’s N774.66bn 2025 budget

The House of Representatives Committee on Maritime Safety, Education and Administration has approved the 2025 budget proposal of ₦774.77 billion for the Nigerian Maritime Administration and Safety Agency (NIMASA).

The committee, chaired by Hon. Khadija Abba-Ibrahim, gave the approval on Monday during a budget defence session with the NIMASA management in Abuja.

The committee unanimously adopted the budget proposal after a presentation of the projected revenue and expenditure summary by the Director General of NIMASA, Dr Dayo Mobereola, who was represented by the Executive Director, Finance and Administration of the agency, Hon. Chidi Offodile.

The DG disclosed that ₦774.66 billion was the targeted revenue for 2025, explaining 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 Guard.

Speaking on the implementation of the 2024 budget, he stated 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.

While declaring the session open, the chairman of the committee, Hon. Khadija Abba-Ibrahim, said they had discovered that NIMASA’s internally generated revenue was no longer being remitted 100%.

She raised concerns over a major fiscal shift under the present administration, which now requires 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.

The committee also raised the alarm over 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.

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.

In response, the Executive Director explained that all budgets were projections subject to economic variables.

He attributed the ambitious 2025 targets to anticipated increases in oil production, enhanced revenue automation, and operational scale-up. “We are confident that with better systems and strategic partnerships, we can meet these targets,” he said.

While adopting the budget to be presented to the plenary, the committee urged the agency to release the ₦200 billion approved for NIMASA for some key projects at the Maritime Academy of Nigeria, Oron in Akwa Ibom State.

ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE