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Boost Economy by modern technology, we’ve increased Marine revenue from N126Billon to N242 billion for the first quarter of this year, Says Oyetola
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.”
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Ondo Sports Council Chairman Declares 2026 ADU Unity Cup Open as Ijapo Ages FC Edges Odigbo LG FC
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The Chairman of the Ondo State Sports Council, Hon. (Coach) Abimbola Oladimeji, has officially declared the 2026 ADU Unity Cup open, marking the commencement of another edition of the football competition aimed at promoting unity, sportsmanship and grassroots football development.
The opening ceremony attracted football enthusiasts and supporters who gathered to witness the start of the tournament and celebrate the spirit of competition among participating teams.
In the opening match, Ijapo Ages FC secured a narrow 1–0 victory over Odigbo LG FC in an entertaining encounter, giving the team a winning start to its campaign in the competition.
The ADU Unity Cup continues to provide a platform for players to showcase their talents, foster unity among communities and contribute to the development of football at the grassroots level.
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Update : Investigator Links El-Rufai to Alleged $600,000 EFCC Payment Plan
A forensic investigator with the State Security Service, Segun Kayode, on Tuesday alleged that former Kaduna State Governor, Nasir El-Rufai, and some of his associates earmarked $600,000 to settle officials of the Economic and Financial Crimes Commission and intermediaries.
Kayode, the first prosecution witness in the ongoing trial, made the allegation while testifying before the Kaduna State High Court sitting in Kawo, Kaduna, presided over by Justice Darius Khobo.
The witness said $500,000 and $100,000 were allegedly set aside for the payments, adding that forensic audio recordings captured conversations involving El-Rufai and some of his suspected associates.
According to him, the recorded conversations centred on alleged efforts to frustrate an EFCC investigation into a company identified as Singularity.
Kayode named a Senior Advocate of Nigeria, AU Mustapha (SAN); Jimi Lawal; and Bashir El-Rufai among those allegedly mentioned in the conversations.
He told the court that Mustapha and Lawal were allegedly directed to meet one Ahmadu Sule to obtain a template previously used to liquidate another company, with the intention of applying a similar process to Singularity.
The investigator further alleged that the discussions included plans to liquidate the company in Nigeria and Mauritius, where it was reportedly under investigation by the Nigerian Financial Intelligence Unit.
Kayode also alleged that the recordings contained discussions about preventing the EFCC from investigating IHS, which he said was listed on the New York Stock Exchange.
The allegations were presented as part of the prosecution’s evidence against the former governor.
The proceedings lasted nearly eight hours, from 12:26 pm to 8:18 pm, with about two hours devoted to playing the recorded conversations.
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Earlier, El-Rufai’s lead counsel, Paul Erokoro (SAN), objected to Kayode’s testimony, arguing that the witness’s name and summary of evidence were not included in the prosecution’s proof of evidence.
Erokoro argued that the omission undermined his client’s right to a fair hearing, insisting that the defence was entitled to know the evidence it was expected to answer.
However, counsel for the Independent Corrupt Practices and Other Related Offences Commission, Ayodeji Adedipe (SAN), told the court that Kayode was a subpoenaed witness and that the omission did not automatically render his testimony inadmissible.
Adedipe said the subpoena was issued and signed by the court on June 30, 2026, adding that the defence would have the opportunity to cross-examine the witness.
The prosecution counsel also cited judicial authorities in support of his argument.
In his response, Erokoro maintained that the issue was not whether the witness could testify but whether the defence had been adequately informed to prepare for his evidence.
He relied on Section 210 of the applicable Administration of Criminal Justice Law, 2017, and argued that the prosecution should have served the subpoena on the defence.
In its ruling, the court acknowledged that the witness’s name and summary of evidence were absent from the proof of evidence but held that the records showed he had been subpoenaed.
Justice Khobo ruled that the omission did not automatically make the testimony inadmissible, provided the defence was allowed to cross-examine the witness.
The judge consequently overruled the objection and directed Kayode to continue his testimony.
After the witness submitted a hard copy of his findings to the court clerk, the defence complained that the document should have been served earlier to enable it to study the contents.
The judge, however, ruled that the defence could obtain a certified true copy of the document admitted as Exhibit One for examination.
The court adjourned the case until November 30 and December 1, 2026, for continuation of the cross-examination, following agreement by the prosecution and defence.
Our correspondence reported that El-Rufai arrived at the court premises at about 11:50 am, ahead of the scheduled noon hearing, amid tight security.
He was accompanied by the African Democratic Congress governorship candidate in Kaduna State, Isa Ashiru.
His appearance followed an order by Justice Khobo directing the ICPC to produce him in court for the resumed proceedings.
The previous sitting was adjourned on Monday after the former governor was absent following information that he had requested access to his personal physician to review medical test results.
The resumed hearing came days after the Court of Appeal in Kaduna dismissed El-Rufai’s appeal challenging the refusal of bail by the state high court.
In its judgment delivered on October 9, the appellate court upheld the lower court’s decision, ruling that the former governor had failed to establish sufficient grounds to warrant interference with the refusal of bail.
El-Rufai has been in ICPC custody since February 18, 2026, over allegations of financial misconduct linked to his administration of Kaduna State between 2015 and 2023.
The Kaduna State House of Assembly had petitioned the ICPC over the alleged diversion and mismanagement of more than N423bn in public funds during his eight-year administration.
The former governor is facing multiple cases involving allegations of money laundering, abuse of office, fraud and other financial offences before different courts.
He has denied wrongdoing and pleaded not guilty to the charges. The allegations remain subject to judicial determination.
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Update :FG Unveils Additional 10 Steps to Reduce Impact of Rising Fuel Prices
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The Federal Government has announced ten new measures to reduce the pain Nigerians feel from high fuel prices. It insists, however, that none of them brings back the old fuel subsidy for everyone.
The measures were presented by the Federal Ministry of Finance at a press briefing on Thursday, 8 October 2026, titled “Fuel Prices and the Subsidy Question.” The government admitted its earlier steps fell short. According to the presentation, “These measures do not fully relieve the pressure households feel today, so the government is going further.”
The government described the new package as “Help that is targeted, temporary and affordable.” In plain terms, the help is meant for those who need it most, will not last forever, and is designed so that the country can pay for it.
Cheaper petrol and more cash support
The first measure is a discount on petrol sold at NNPC filling stations. The discount will last for the next 30 days, and public transporters, such as commercial bus and taxi operators, will get priority. The government hopes this will help keep transport fares from rising further.
The government also plans to increase cash transfers to vulnerable households. Small businesses will get cheaper loans, known as subsidised credit, to help them cope with higher running costs.
Steps to keep pump prices steady
To protect Nigerians from sudden jumps in world oil prices, the government will sell crude oil in advance to local refineries. This is expected as oil production rises and crude previously committed to other purposes becomes available. The presentation says this will shield “pump prices from global swings.” ShopAfrican Art
The government will also introduce what it calls price modulation. Under this plan, a negotiated limit of ₦1,350 per litre will apply to the ex-gantry price (the price at the depot) or the landing cost (the cost of bringing the fuel into the country). The limit will be reviewed every month, so it can change as conditions change.
A National Strategic Fuel Reserve will also be set up. Fuel from the reserve will be released “under published rules when disruption or hoarding threatens supply.” This means the government can step in when fuel becomes scarce or when marketers hold back products to push up prices.
Lowering the cost of transport and doing business
The government says part of what Nigerians pay for transport comes from illegal charges on the roads. It will work with state governments under the 2025 tax laws to rein in road taxes that push up fares.
It will also speed up the rollout of compressed natural gas (CNG) as a cheaper alternative to petrol, again working with the states. Transporters who benefit from cheaper fuel are expected to “pass savings on in lower fares” to passengers.
Other steps target the cost of goods and services more broadly. The government will cut regulatory costs, described as red tape, that “feed into the price of goods and services.” It will also ease traffic in cities to save fuel, and it will use NIPOST address codes to reduce the cost of moving goods from one place to another.
One measure has not yet been decided. The government is considering an excess profit tax on operators it says exploit consumers. If it goes ahead, the money raised will fund transport support and vouchers for low-income earners.
No return to blanket subsidy
The ministry ended the presentation with a clear message, “None of these measures restores a blanket subsidy.” The government is therefore not returning to the old system, where fuel was sold cheaply to everyone. It says its new approach will reach “the people who need help without putting the wider economy at risk.”
The announcement comes as many households as possible, and businesses struggle with the high cost of transport, food, and other goods linked to fuel prices. How much relief Nigerians feel will depend on how quickly and effectively these measures are carried out, and whether transporters and marketers pass the benefits on to consumers.
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