The National Inland Waterways Authority (NIWA) has proposed N9.054 billion as revenue to be remitted into the Consolidated Revenue Fund (CFR) from its total targeted revenue of N34.389 billion for the 2025 fiscal year.
According to its Managing Director and Chief Executive Officer, Bola Oyebamiji, the N9.054 billion targeted for remittance to the CFR in 2025 represents an approximately 200% increase compared to the N2.625 billion remitted in 2024.
Oyebamiji made this statement in Abuja on Wednesday during his presentation to the National Assembly Joint Committee on Marine Transport.
He explained that the N9.054 billion projected for remittance in 2025 consists of “50 per cent IGR remittance, amounting to N2.756 billion, and 40 per cent of the Port Development Levy (PDL) remittance, totalling N5.775 billion from the projected N28.875 billion.
“Proceeds from property leases are estimated at N496.894 million, and tender documentation fees are estimated at N25.629 million. All these sources collectively total N9.054 billion.”
He stated that the projected astronomical increase in NIWA’s revenue remittance to the Consolidated Revenue Fund in 2025 is primarily driven by the estimated N28.875 billion from the Port Development Levy, compared to the N13.219 billion released in 2024.
Satisfied with his presentation, the Joint Committee, chaired by Senator Wasiu Eshilokun (APC, Lagos Central), urged the NIWA Managing Director to improve the 91 per cent budget performance recorded in 2024 and achieve 100 per cent in 2025.
“Your projected IGR and remittance to the Consolidated Revenue Fund, compared to 2024, are encouraging. However, this committee believes that NIWA can even surpass its projections in the fiscal year,” he said.
“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.”