NIMASA remits over 62.297m in US dollars to Federation Account in 21-months
Despite being more of regulatory than revenue generating agency, the Nigerian Maritime Administration and Safety Agency (NIMASA) said it has consistently remitted funds into the Federation Account especially in the last 21 months to support the implementation of the nation’s annual budget.
A statistics released to newsmen at the weekend, stated that the agency remitted about $62,297,139.02 million in dollars into the Consolidated Revenue Fund (CRF) between October 2015 and July 2017.
The statistics further stated that NIMASA in line with the extant regulations also remitted the sum of N9, 975,000,000 billion to the CRF within the same period under review.
A breakdown of the remittance shows that in October 2015, the agency remitted the sum of $24,025,017.90 through direct debit by the Central Bank of Nigeria (CBN) on NIMASA’s account.
In June 2016, the agency also made part payment of N5, 000,000,000 of its operating surplus for 2015 to 2016 into the CRF. In the same month, it remitted the sum of N4, 975,000,000 as part payment made into CRF of 2016 operating surplus.
In November 2016, an addition of $7,000,000 was remitted into the Federal Government account as a part payment into the CRF of 2016 operating surplus. Also in April 2017, it remitted the sum of $15,000,000 into the CRF, serving as part of 2016 operating surplus.
Finally in July 2017, NIMASA paid the total sum of $16,272,121.12 into the Federation Account as part payment of 2017 operating surplus.
Confirming the receipt of the NIMASA remittance, the Federal Government through the Ministry of Finance and the Office of the Accountant-General of the Federation, recently commended NIMASA for its revenue performance in the past one year.
Kemi Adeosun, Minister of Finance, said at a workshop on compliance with the Fiscal Responsibility (FRA) Act held in Abuja recently that poor revenue performance by Ministries, Departments and Agencies (MDAs) was hampering the 2017 budget implementation.
The minister singled out NIMASA as one of the agencies doing well in terms of revenue generation and remittances to the Federal Government’s Treasury Single Account (TSA).
Adeosun stated that despite the dwindling revenue remittance of various government agencies that NIMASA has managed to bring down its cost of doing business generally known as operational cost. “This is why the agency was still able to generate more money by half year, than it did in the two preceding years.”
While stating that NIMASA has proven to be financially prudent, accountable and transparent, which can lead to sustainable economic growth in Nigeria, she tasked all other MDA’s to emulate NIMASA in plugging all revenue leakages, in order to enable 100 percent implementation of the 2017 budget.
Recall that in addition to this, President Muhammadu Buhari and the Vice President Yemi Osinbajo had on separate occasions commended Dakuku Peterside led management of NIMASA for their ingenuity in managing the affairs of the Nigerian maritime regulatory Agency and increasing the Agency’s contributions to the CRF, despite the economic recession that came with low business and general economic hardship.
Findings have shown that the current management of NIMASA has introduced processes that have helped it to block loop holes in management of government resources generated by the agency from the maritime industry.
Also, increase in its revenue generation into the Federal Government coffers, has helped to improve its reputation leading to better confidence from stakeholders in the maritime sector.
It would be recalled that recently, Ahmed Idris, the Accountant General of the Federation (AGF), also urged other MDAs to be more creative in their revenue generation efforts so that they could meet their individual targets and collectively meet estimated revenue to fund the 2017 budget.
According to the AGF, despite the general downturn in accruable revenue to Government due to prevailing global economic situation, the remittances to the CRF by NIMASA this year has been the highest when compared to corresponding period in recent years.
“It was also the first time in recent years that NIMASA will remit huge revenue into the government coffers”, he said.
However, Peterside, said that the agency has deemed it fit to introduce the automation of all of its processes so as to allow for probity and accountability. “This has helped to reduce the number of human interface in the agency’s transactions, thus helped in curbing corruption and improving the revenue generation of the agency.
Also, NIMASA has devolved more powers to its zonal offices to allow for early conclusion of transactions and to ultimately plug revenue leakages. “NIMASA is now operating 24 hours in line with the Ease of Doing Business initiative of the Federal Government.”
Peterside since assumption of office had always reiterated that the maritime sector, if properly harnessed can successfully form a huge component of the total budgetary requirement of Nigeria.
Uzoamaka Anagor-Ewuzie