The National Inland Waterways Authority (NIWA) has projected N34.389billion as revenue target for 2025 fiscal year.
The Managing Director and Chief Executive Officer (MD/CEO) of NIWA, Bola Oyebamiji, disclosed this when he appeared before the National Assembly Joint Committee on Marine Transport in Abuja.
Oyebamiji further disclosed that of out of the expected N34.389billion revenue, the agency would remit the sum of N9.054billion into the Consolidated Revenue Fund (CRF) of the Federal Government.
He said the proposed N9.054billion remittance represented a 200 per cent increase when compared to the sum of N2.625billion the agency remitted into the CRF in 2024.
He said the N9.054billion projected to be remitted into CFR in 2025 comprise of 50 per cent Internally Generated Revenue (IGR) remittance which is N2.756billion, 40 per cent of Port Development Levy (PDL) remittance which is N5.775billion.
Others according to him, are proceeds from lease of properties estimated at N496.894million and Tender Documentation in the sum of N25.629million, all totalling N9.054billion.
He said: “The projected astronomical increase on revenue to be remitted by NIWA into the Consolidated Revenue Fund in 2025, largely arose from the estimated N28.875billion Port Development Levy in the fiscal year as against N13.219billion realised in 2024.”
In his remarks, the Chairman of the Joint Committee, Senator Wasiu Eshilokun (APC – Lagos Central), urged the Managing Director of NIWA to move from 91 per cent budget performance it recorded in 2024 to 100% in 2025.
“Your projected IGR and remittance into the Consolidated Revenue Fund when compared to those of 2024, are encouraging but this committee believes that NIWA can even surpass its projections in this fiscal year.
“That is what we want to hear at the end of the year because the country needs more revenue and remittances to fund its yearly budget,” he said.
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