NIMASA Remits N37.69bn to Federal Government in 2021

As part of directives for Federal Government revenue collecting institutions to remit proceeds for national development, the Nigerian Maritime Administration and Safety Agency (NIMASA) remitted a total of N37.69 billion to the Consolidated Revenue Fund (CRF) in 2021.

The Director-General, NIMASA, Bashir Jamoh made this disclosure to the press on Friday, stating that the agency is working to strengthen its security mechanism while enhancing its revenue remittance to the Federal Government

According to him, NIMASA remitted N37,691,630,450.22 to the CRF account in 2021, representing an increase of N5.852 billion when compared to the N31,839,917,978.20 remitted in 2020.

On developmental projects by NIMASA, Jamoh said the N50bn floating dock the agency acquired on June 11, 2018, would be operational before the end of the first quarter of 2022.

A floating dry dock is one of the five types of dry docks used for ship repairs. It is a submersible platform that is specifically designed and used to repair vessels.

NIMASA’s floating dock, which was conceptualised and acquired during former DG, Dakuku Peterside’s administration, was established to serve as a maintenance base for visiting sea vessels and those domiciled in the country, with the intention to save about $100 million yearly in capital flight, generate employment and boost local capacity.

The docks prior to now had been lying idle in Lagos before building works commenced last year. Its maintenance cost NIMASA an estimated $30,000 daily, Jamoh said.

To ease the burden of cost the facility requires, and generate profit, the director-general announced that NIMASA has entered into a public-private partnership as the cost could not be borne by the Federal Government alone. According to him, the agency suffered a lot of challenges when work began on the docks.

“We expect before the end of the first quarter the floating dock to be operational. Our floating dock is owned by NIMASA and we handed it over to a public-private partnership. The issue of privatisation is not a product but a process.

“The DG of the Infrastructure Concession Regulatory Commission (ICRC) was here to give us the first certificate, telling us that privatising the modular floating dock is profitable. We have gone ahead to do negotiations with the Managing Partner, the Nigerian Ports Authority. We expect that by the middle of February, we would get the final no-objection certificate,” he said.

Jamoh also noted that first, privatising the floating dock must be approved by the Federal Executive Council (FEC) because it was a national asset.

“When it is privatised, the managing partners can decide and move it to the proper position it should be. Operationality of the floating dock would be taken over by foreigners to service it before the approval of the FEC. By the time we receive approval and the floating dock is in use, we will move it to where it belongs,” he added.