The National Inland Waterways Authority, NIWA, on Wednesday disclosed that it will grow its revenue by over 200 per cent for the year 2025, proposing the sum of N9.054 billion as revenue to be remitted into the Consolidated Revenue Fund, CRF, from the total targeted revenue of N34.389 billion in the 2025 fiscal year.
The N9.05 billion targeted for remittance into the CRF in 2025 by NIWA, according to its Managing Director and Chief Executive Officer, Bola Oyebamiji, represents about a 200 per cent increase from the N2.625 billion remitted into the CRF in 2024.
Oyebamiji made these statements in Abuja on Wednesday during his 2025 budget presentation to the National Assembly Joint Committee on Marine Transport.
He said the N9.054 billion projected for remittance into the CRF in 2025 comprises 50 per cent IGR remittance, amounting to N2.756 billion, and 40 per cent of the Port Development Levy, PDL, remittance, which is N5.775 billion from the projected N28.875 billion.
Other sources, according to him, include proceeds from the lease of properties, estimated at N496.894 million, and tender documentation, estimated at N25.629 million, all totalling N9.054 billion.
“The projected astronomical increase in revenue to be remitted by NIWA into the Consolidated Revenue Fund in 2025 largely arises from the estimated N28.875 billion Port Development Levy in the fiscal year, as against N13.219 billion realised in 2024,” he said.
Apparently satisfied with his presentation, the Joint Committee, chaired by Senator Wasiu Eshilokun, representing Lagos Central, urged the Managing Director of NIWA to move from the 91 per cent budget performance recorded in 2024 to 100 per cent 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 the fiscal year. That is what we want to hear at the end of the year because the country needs more revenues and remittances to fund its yearly budget,” he said.
