The Nigerian Maritime Administration and Safety Agency, NIMASA, generated the sum of $1.34 billion (about N215 billion at prevailing rate of N160 per dollar) from its statutory three per cent charges on international inbound and outbound dry and wet cargoes between 2009 and 2014.
The agency also generated N70.8 billion in 2015, making a total of N285.8 billion for seven years. According to revenue generation documents obtained by Leadership, the agency generated $1.77 billion between 2009 and 2014, but was only able to collect $1.34 billion within the period.
The report which details the agency’s revenue analysis for the period from January 2009 to June 2015, also revealed that the agency collected N207 million from Liquefied Natural Gas (LNG) in June 2013.
NIMASA’s revenues witnessed a jump in 2013 when it made the Nigeria Liquefied Natural Gas Limited (NLNG) to begin payment of the three per cent statutory levy after over 20 years of non-payment.
Its revenue collections moved up from $226.6 million in 2012 to $242.3 million in 2013 and $288.1 million in 2014, but the agency remitted its earnings in naira.
Between 2009 and 2011, the agency’s earnings were comparably low at $172.5 million, $199.9 million and $214.8 million respectively.
Further breakdown of NIMASA’s revenue generation showed that the agency collected more revenue from dry cargoes, comprising imported and exported goods other than oil and other liquids. It raked in $104.2 million from dry cargoes and $68.3 million from wet cargoes in 2009. For 2010 the revenue figure stood at $111.2 million and $88.6 million for dry and wet cargoes respectively.
In 2011, the agency’s revenue improved to $118.2 million for dry cargoes and $96.5 million for wet cargoes. The agency raked in $121.8 million from dry cargoes and $104.7 million from wet cargoes in 2012 and $132.1 million and $110.1 million from dry and wet cargoes respectively in 2013.
The maritime regulator’s earnings continued its steady rise in 2014, with revenue from wet cargoes leading, garnering $139.3 million from dry cargoes and $148.8 million from wet cargoes, showing a total of $288.1 million for 2014 (about N46 billion at the rate of N160 per dollar). With N70.8 billion earning in 2015, the agency’s revenue appeared to have almost doubled in just one year.