The House of Representatives at the plenary Thursday gave approval for the establishment of the Nigerian Maritime Trust Fund for the purpose of training, provision of security equipment and related facilities and enhance the skills of the personnel of the Nigerian Navy.
The approval followed the consideration and adoption of the recommendations in Bill’s report presented by the Chairman, House Committee on Navy, Hon. Yusuf Gagdi (APC, Plateau).
Presenting the report, Gagdi said the Bill would provide for the establishment of a special fund for training and retraining of naval personnel for optimum productivity
He also said that it would provide funding for equipment and machinery that would aid the seamless protection of waterways by the Nigerian Navy.
This, according to him, will help to guarantee a robust economic development of the country.
On sources of the trust fund, he explained that it shall consist of an amount constituting 1 per cent of the total revenue accruing to the Federation Account.
He added that it will also consist of an amount constituting 1 per cent of the total revenue accruing to revenue-generating federal government agencies operating in the Nigerian Maritime Environment, which include: Nigeria Maritime Administration and Safety Agency (NIMASA), Nigeria Ports Authority (NPA), Nigeria National Petroleum Corporation (NNPC), Nigeria Inland Waterways Agency (NIWA) and Nigeria Liquefied Natural Gas (NLNG).
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