Marine sector recorded N242bn revenue in Q1 2024, says Oyetola

Kunle Sanni

The Minister of Marine and Blue Economy, Mr. Gboyega Oyetola, has disclosed that the Ministry generated N242 billion revenue in the first quarter (Q1) of 2024.

Oyetola disclosed this in Abuja at the sectoral briefing on Tuesday to commemorate President Bola Tinubu’s first year in office.

He stated that compared to the N126 billion recorded in the Q1 2023, the revenue recovered represents a 92 per cent increase.

According to Oyetola, the ministry is prepared to do more after “achieving a ramp up of revenue” for the government during the past year.

“A comparison of Q1 2023 against Q1 2024 revenue performance across the agencies reveals a 92per cent increase,” the minister said.

“The increase in revenue performance has largely been due to a 10% increase in the number of vessels calling our ports due to strategic investments in port infrastructure in the last one-year, mooring boats, patrol vessels, and dredging of the port’s channels.

“We have also tightened revenue assurance by deploying technology. Revenue generation is critical to us.

According to Oyetola, in order to increase the sector’s revenue all year long, the ministry has started implementing several initiatives, like commissioning studies on revenue development that are centred on the ministry and its many divisions and agencies.

The minister, the goal is to locate leaks and seal them off while coming up with suggestions to increase the current revenue streams. He went on to highlight the measures, saying, “Automation of revenue collection mechanisms to eliminate bottlenecks and enhance transparency and accountability.”

“Deploying revenue assurance technologies to ensure accurate and complete billings in line with established contracts and services rendered.”