Connect with us

news

Boost Economy by modern technology, we’ve increased Marine revenue from N126Billon to N242 billion for the first quarter of this year, Says Oyetola

Published

on

Two key agencies with the Marine and Blue Economy ministry raised their revenue profile by 92 per cent, Minister Adegboyega Oyetola said yesterday.

According to him, the earnings by the Nigerian Ports Authority (NPA) and Nigerian Maritime Administration and Safety Agency (NIMASA) grew from N126,359,074,742 in the first quarter of last year to N242.811 billion in the first quarter of this year.

The minister attributed the success to the far-reaching reforms introduced by President Bola Ahmed Tinubu and being implemented by his ministry.

Oyetola spoke yesterday while presenting his ministerial scorecard as part of activities marking the first year of the Tinubu Administration.

He gave a breakdown of the revenue growth by the four agencies in his ministry, including the NPA, NIMASA, Nigerian Shipper Council (NSC) and the National Inland Waterways Authority (NIWA).

Oyetola said: “We have been able to ramp up revenue to the government in the last year and we are poised to do more.

“A comparison of Quarter 1 of 2023 against Quarter 1 of 2024 revenue performance across the agencies reveals a 92 per cent increase.

“In 2023, the NPA generated N82,987,439,908 while it generated N170,493,192,630 in the Q1 of 2024.

“NIMASA in 2023 generated N37,405,830,219 while in the Q1 2024, the revenue generated was N62,154,237,671

“The Nigerian Shipper Council (NSC) which generated N4,878,647,275 in the Q1 of 2023 experienced N8,675,726,282 revenue generation in the Q1 of 2024.

“The National Inland Waterways Authority (NIWA), recorded N1,087,157,340 in the Q1 of 2023 while in the Q1 2024, the revenue generated was N1,488,588,802

“Overall, compared to last year where in Q1, the entire sector generated N126,359,074,742 in Q1 of 2024, the revenue generated was N242,811,745,385.

“So, the sector witnessed N116,452,670,643 revenue growth compared to the Q1 of the previous year which is a 92 per cent increase in revenue generated.”

He attributed the growth in revenue generation to an increase in vessel calling at the ports and other things.

Oyetola said: “The increase in revenue performance has largely been due to a 10 per cent increase in the number of vessels using our ports due to strategic investments in port infrastructure in the last one-year, mooring boats, patrol vessels and dredging of the port’s channels. We have also tightened revenue assurance by deploying technology.

“Revenue generation is critical to us and that is why we commissioned revenue enhancement studies focused on the ministry, its departments, and agencies.

“The objective is to further identify and block leakages while identifying recommendations to expand current revenue sources.

“Automation of revenue collection processes to eliminate bottlenecks and enhance transparency and accountability is also our goal.

“We are also deploying revenue assurance technologies to ensure accurate and complete billings in line with established contracts and services rendered.

“We would ensure the efficient utilisation of existing assets through concessions to the private sector and public-private partnerships as required.”

Oyetola explained that funds have been sourced for the comprehensive modernisation and reconstruction of Tin Can Island and Apapa Port Complex.

He said discussions were ongoing to seek funds for the rehabilitation of Onne, Rivers, Delta and Calabar port complexes.

The minister said the port modernisation would generate at least, 20,000 jobs, decongest the ports, and improve ease of doing business.

Oyetola said the government was considering the Public Private Partnership (PPP) model for a national shipping line to protect the nation’s economic interest.

To protect the inland waterways, the minister also said the ministry would procure three water ambulances for areas where accidents were prevalent.

He said a national policy on blue economy will be unveiled by year’s end.

Oyetola said the reforms initiated by the ministry and the deployment of modern technology led to an increase in revenue.

The minister also explained that the proposed shipping line would boost the economy and give opportunity to ship owners and others in the sector to thrive.

Oyetola added: “Efforts are in top gear to create a national carrier based on a PPP arrangement that will entail very limited equity participation by the government.

“This will reduce capital flight, create shipping jobs, and enable Nigerian ship owners to benefit more from the global maritime shipping trade through Cost, Insurance and Freight (CIF) of cargo onboard.

“The point of a shipping line is not to bring back the Nigerian National Shipping Line (NNSL). The issue is that we should have a shipping line.

“We realised that we are losing so much in the area of freight because we don’t have a shipping line that would compete with most of the other shipping lines in other parts of the world.

“So, the intention is to have PPP, the government may decide to have token equity or it could be a purely private partnership.

“We are not looking at bringing back the moribund or liquidated NNSL. I don’t believe the government should be in business.

“The government will create an enabling environment for business to thrive. The failure of the first line was because NNSL was purely run by the government and it died a natural death.

“We should allow the private sector people that are trained for business to drive business.

“So, we are looking at a partnership perhaps between government and private or private-private but we need to have a line that will fly our own flag and enjoy the opportunity of not only participating in freight but also participating in bringing import to our country.

“If we have our own line, we are entitled to about 40 per cent of import coming to our country. So, that is the kind of thing we are looking at and not NNSL that is liquidated.”

For the safety of the inland waterways, he said: “Deployment of Water Ambulances – we have deployed three water ambulances for prompt search and rescue operations on the inland waterways. This will reduce fatalities whenever accidents occur on our inland waters.

“The issue of water ambulance is a pilot scheme is meant to take care of specific areas and we are going to buy more to cover the entire country but there are specific places where accidents are very prevalent, so we want to ensure that these three ambulances are deployed to take care of those areas where we have been having lots of accident.

“The intention is to ensure that we have enough to go around the entire country to cover our inland waterways.”

The minister also said in line with its key performance indicator, the ministry had initiated consultations with relevant bodies to reduce, by the end of the year, the number of agencies at the seaports to a maximum of even to fast-track port processes.

The minister said the extension of the continental shelf will add more to Nigeria’s marine resources, saying: “We have an exclusive economic zone of over 200 nautical miles, and 10, 000 kilometres of inland waterways capable of supporting a vibrant intra-regional trade.

“We are blessed with strategic navigational routes linking Africa with North and South America, Europe, and Asia, making the shipping industry potentially a major driver of our country’s economy.

“Let me hasten to add that the recent expansion of our continental maritime domain came at the right time. Here, we must commend Mr. President on the work of the Presidential Committee on Nigeria’s Extended Continental Shelf Project.”

“The expansion gave us an additional 16,300 square kilometers which is six times the size of Lagos State. This has no doubt added more to the marine resources base of Nigeria.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

news

Just IN : Relief in Kaduna as Soldiers Rescue 31 Kidnapped Easter Worshippers

Published

on

:
Troops of the Nigerian Army have rescued 31 civilians abducted during an Easter church service in Ariko Village, Kachia Local Government Area of Kaduna State.

The rescue followed a distress call reporting that terrorists had invaded an ECWA Church in the community and abducted worshippers during the service.

In a statement posted on its X handle on Sunday, the Army said that upon receiving the information, troops swiftly mobilised to the scene and, with the support and guidance of members of the Ariko community, advanced in pursuit of the fleeing attackers.

The Army said the troops engaged the terrorists in a fierce firefight, overpowering them with superior firepower.

“Troops of the Nigerian Army, through a swift response, successfully foiled a terrorist attack, leading to the rescue of 31 civilians abducted during an Easter church service in Ariko Village, Kachia Local Government Area of Kaduna State.

“The swift response followed a distress call reporting the abduction of worshippers during an Easter service at an ECWA Church in Ariko Village. The troops, on receipt of the information, promptly mobilised to the scene. With the support and guidance of members of the Ariko community, they advanced in pursuit of the fleeing terrorists and engaged the criminals in a fierce firefight, overwhelming them with superior firepower.

“The pressure mounted by the advancing troops forced the terrorists to abandon 31 hostages, including one injured victim who is currently receiving medical attention,” the statement partly read.

However, the army disclosed that troops also recovered the remains of five victims already killed by the terrorists at the scene.

“Regrettably, the remains of five victims already killed by the terrorists were also recovered at the scene. The fleeing terrorists are believed to have sustained significant casualties, as evidenced by blood trails along their escape routes.

“Troops have since intensified pursuit operations to track the fleeing elements to their enclaves, with ongoing efforts aimed at rescuing any remaining captives and ensuring the perpetrators are brought to justice,” the statement added.

The army said additional troops had been deployed to the area to reinforce ongoing operations, enhance security presence, and prevent further threats to lives and property.

“To consolidate the gains recorded, additional troops have been deployed to the area to reinforce ongoing operations, enhance security presence, and prevent further threats to lives and property.

“The Nigerian Army reaffirms its unwavering commitment to the protection of citizens and the defence of Nigeria’s territorial integrity, in collaboration with other security agencies and local stakeholders. Troops remain resolute in sustaining offensive operations against all threats to national security.

“Members of the public are encouraged to continue supporting the Nigerian Army and other security agencies by providing timely and credible information, as collective vigilance remains vital to achieving enduring peace and stability,” the statement concluded.

Continue Reading

news

Breaking : Tinubu Moves to Fix Power Crisis with N3.3tn Debt Clearance

Published

on

President Bola Tinubu has approved a ₦3.3 trillion payment plan aimed at resolving long-standing debts in Nigeria’s power sector and boosting the reliability of electricity supply.

The plan addresses legacy debts accumulated between February 2015 and March 2025 under the Presidential Power Sector Financial Reforms Programme.

Following a comprehensive review, the government agreed on ₦3.3 trillion as a full and final settlement, ensuring transparency and fairness.

A statement issued on Sunday by the special adviser to the president on information and strategy, Bayo Onanuga, stated that implementation of the repayment plan has already begun, with fifteen power plants already signed settlement agreements totalling ₦2.3 trillion.

The statement read, “President Bola Tinubu has approved the payment plan to finally settle the outstanding debts under the Presidential Power Sector Financial Reforms Programme.

“The debt repayment plan followed the final review of the legacy debts that have beset the power sector for more than a decade.

“The long-standing debts accumulated between February 2015 and March 2025. Following verification, ₦3.3 trillion has been agreed as a full and final settlement, ensuring a fair and transparent resolution.

“Implementation has begun, with 15 power plants signing settlement agreements totalling ₦2.3 trillion. The Federal Government has already raised ₦501 billion to fund these payments. Out of the amount, N223 billion has been disbursed, with further payments underway.

“What this means for Nigerians: With payments reaching the power value chain, generation will be more stable. With power plants supported, electricity reliability will improve.”

Commenting on the development, the Special Adviser on Energy to the President, Olu Arowolo-Verheijen, explained that the settlement would improve electricity reliability by stabilising the power value chain.

“This programme is not just about settling legacy debts. It is about restoring confidence across the power sector — ensuring gas suppliers are paid, power plants can keep running, and the system begins to work more reliably,” she said.

The adviser added that the reforms are part of broader initiatives, including better metering and service-based tariffs that link consumer payments to the quality of electricity received.

Priority will also be given to supplying electricity to businesses, industries, and small enterprises to support job creation and economic growth.

“The goal is simple: more reliable power for homes, stronger support for businesses, and a system that works better for all Nigerians,” Arowolo-Verheijen said.

President Tinubu commended all stakeholders involved in resolving the legacy issues and confirmed that the next phase of the reforms, Series II, will commence this quarter.

Continue Reading

news

Easter : Senator Araraume urges Nigerians to embrace sacrifice, renewed hope, prays for Tinubu’s leadership

Published

on

..…Says Christ’s resurrection symbolises Nigeria’s rising from challenges to glory

,,,,Commends President Tinubu’s bold reforms, calls for continued prayers

As Christians across Nigeria and the world celebrate Easter, a chieftain of the All Progressives Congress (APC), Senator Ifeanyi Godwin Araraume, has called on Nigerians to embrace the virtues of sacrifice, forgiveness, and renewed hope which the resurrection of Jesus Christ symbolises.

In his Easter message, which he personally signed, the former governorship candidate of Imo State reflected on the profound significance of the season, describing Easter as a divine testament that no night lasts forever, and that after every crucifixion comes a glorious resurrection.

“Easter is not merely a festival; it is a spiritual declaration that darkness does not have the final word. As Christ rose triumphantly on the third day, I believe Nigeria, too, is rising from every challenge to meet her God-ordained destiny,” Araraume stated.

The APC chieftain used the occasion to offer fervent prayers for President Bola Ahmed Tinubu, whom he described as a courageous leader steering the ship of state through turbulent but necessary waters.

“I pray that the God who raised Christ from the dead will raise every help that President Tinubu needs to succeed. I pray for divine wisdom, physical strength, and uncommon protection over his life. Let no arrow of the wicked find its mark in his camp. May his labours for our nation yield fruits that generations yet unborn will celebrate,” Araraume prayed.

He further commended President Tinubu for his bold and far-reaching reforms, acknowledging that while the policies may demand present sacrifice from citizens, the long-term dividends will be peace, stability, and shared prosperity.

“Mr. President has shown that he has the heart of a reformer and the backbone of a statesman. These are not easy times, but great nations are forged in the furnace of difficult decisions. I call on all Nigerians, regardless of party or creed, to support this administration with patience and prayer,” the Senator added.

Senator Araraume also urged Nigerians to show love to one another, especially to the less privileged, the grieving, and the displaced, noting that the true essence of Easter is found in selfless giving and communal solidarity.

“Let us visit the orphanage, feed the hungry, and extend a hand to our neighbour in distress. That is the gospel in action. That is the Nigeria we must build together,” he said.

He wished all Christians a peaceful, joyous, and spiritually fulfilling Easter celebration.

Signed:
Senator Ifeanyi Godwin Araraume
Chieftain, All Progressives Congress (APC)

Continue Reading

Trending

Copyright © 2025 Newsthumb Magazine | All rights reserved