NIMASA Targets N774.66bn Revenue In 2025

The Nigerian Maritime Administration and Safety Agency (NIMASA) targets revenue of N774.66 billion in the 2025 financial year.

The director general of NIMASA, Dr Dayo Mobereola, disclosed this when he appeared before the House of Representatives Committee on Maritime Safety, Education and Administration for the 2025 budget defence session.

Represented by the Executive Director, Finance and Administration, Chidi Offodile, the DG said after deductions, including federal remittances and maritime fund contributions, N264.96 billion would be available for operations.

He listed freight levies, offshore waste management, sea protection and ship registration as primary revenue sources, alongside new gains expected from automation, the rollout of a modular floating dock and collaboration with the U.S. Coast Guard.

On implementing the 2024 budget, the executive director disclosed that while NIMASA projected N467.4 billion in revenue for 2024, actual collections amounted to N370 billion, indicating a 79% performance rate.

“Recurrent expenditures reached 87% of budgeted allocations, while capital spending stood at 51% implementation,” he said.

The committee’s chairman, Hon. Khadija Abba-Ibrahim, raised concerns that NIMASA’s internally generated revenue (IGR) was no longer remitted 100 percent.

Abba-Ibrahim drew the management’s attention to a significant fiscal shift under the present administration, requiring NIMASA to remit 50% of its IGR to the federal treasury.

She said this was “a significant departure from the previous policy that allowed the agency to retain all IGR”.

The committee also questioned the credibility of doubling the revenue target, given the N97 billion shortfall in 2024.

It further raised the alarm on the steep rise in personnel costs, from N42 billion in 2024 to N73 billion in 2025, and queried whether this was due to mass recruitment or inflated benefits.

The committee questioned how NIMASA plans to implement ₦89 billion in capital projects when 50% of its revenue will be deducted at source.

In his response, the executive director said all budgets are projections subject to economic variables.

He attributed the ambitious 2025 targets to anticipated oil production increases, enhanced revenue automation, and operational scale-up.

“We are confident that with better systems and strategic partnerships, we can meet these targets,” he said.

The panel adopted the budget as presented to the House in plenary for approval. It urged the agency to release the N200 billion approved for key projects at the Maritime Academy of Nigeria, Oron, in Akwa Ibom state.