The Speaker of the House of Representatives, Mr. Yakubu Dogara, said on Monday that Nigeria is losing N7tn annually to maritime insecurity and other revenue leakages arising from oil theft.
The same figure is required to fund the 2017 budget, an indication that the maritime sector alone can generate enough revenue to run the country, but for weak regulatory agencies and the lack of capacity to confront sea piracy, oil theft and corruption.
Dogara spoke in Abuja at a public hearing on a ‘Bill for an Act to Amend the Maritime Operations Coordinating Board Act, Cap M4, Laws of the Federation of Nigeria, 2004, Reconstituting the Maritime Operations Co-ordinating Board for Effective Control of all Maritime Operations in Nigeria’s Territorial Waters and the Exclusive Economic Zone, Create the Maritime Security Fund, Establish Anti-Piracy Offences and for Related Matters’.
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