The Federal Government has proposed a significant shift in the payment practices of the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA), suggesting that these agencies start collecting all fees, charges, fines, and other payments in Naira rather than in foreign currencies.
During a recent briefing at the State House in Abuja, Bayo Onanuga, the Special Adviser to the President on Information and Strategy, announced that this initiative is part of an economic stabilization bill that will soon be submitted to the National Assembly (NASS).
Onanuga explained, “The amendment in the economic stabilization bill stipulates that all fees, charges, levies, fines, and other revenues due to NIMASA and the NPA will now be payable in Naira at the applicable exchange rate.”
He emphasized that this move is aimed at reducing the reliance on foreign currencies, particularly the US dollar, in Nigeria’s economy.
Previously, both NIMASA and the NPA operated on a dollar-based system for their financial transactions. The government’s proposal marks a strategic effort to enhance the use of the national currency, promoting economic stability and encouraging local currency transactions.
This initiative aligns with broader government goals to strengthen the Naira and mitigate the effects of dollarization on the Nigerian economy. Stakeholders in the maritime and shipping industries are expected to weigh in on the potential impacts of this shift, as it may affect pricing structures and operational costs.
The Federal Government continues to seek ways to bolster economic resilience and encourage local participation in the maritime sector, highlighting the importance of a stable and robust national currency.
