Reps Committee brood on setting up of maritime bank

Reps Committee brood on setting up of maritime bank

The House of Representatives Committee on Shipping Service, on Thursday, proposed for the establishment of a maritime bank for the growth of the nation's shipping sector.

The Chairman House of Reps. committee on Shipping Services, Hon. Abdulsamad Dasuki, said this  when his team  paid an oversight visit to the council headquarters in Lagos.

Dasuki said that inventing a Maritime bank would stop capital flight, adding that the committee was planning to have a meeting with the Shipowners for effective service delivery in the country.

"The committee is looking at the possibilities of establishing maritime bank so that the maritime sector will have its own bank and the Shipowners will have their bank as this will help stop capital flight," he stated.

"The bill to give the council backing as port economic regulator has passed second reading in the house of representatives.

"The bill will be a catalyst for changing the nation's economy,  the council will perform exceptionally when the bill is passed into law.

"We have taken note of most of the issues the NSC highlighted both the successes and challenges," Dasuki said.

He said that the NSC was the Port Economic Regulator which was operating with regulations adding that bill was meant to make the agency a true regulator.

The committee head said that the bill had passed the second reading and would soon call for public hearing, saying that the bill will be stimulus for changing the economy.

He said that the passage of the bill would allow  Shippers' council  perform better when the law is passed," Dasuki stated.

 Dasuki explained about the one per cent freight stabilisation fund, saying that they had  taken note as well of the current issues that was happening with Federal Ministry of Finance (FMOF), with 50 per cent of your revenue.

He assured the council of their  support to enable the fund get to the agency.

According to him,  We expect you to deliver more and bring more money to Nigeria Government as the council had assured increase in GDP with their contributions by the end of 2024.

Speaking earlier, the executive secretary of NSC, Pius Akutah, has urged the House of Representatives Committee on Shipping Service to help them in getting approval for the one  per cent freight stabilisation fee statutorily fixed in the council's act.

Akutah, said once the Oronsaye report was fully implemented, the council would no longer gets their 2 per cent statutory share from the seven  per cent Port Development Levy.

 "There is a need for us to implement our statutory funding, which is the one per cent Freight Stabilisation Fee. I think this is very pivotal at this time that the Oronsaye Report is being implemented. 

"Once the Oronsaye report is implemented, the seven  per cent Port Development Levy which the Shippers Council gets 2 per cent from, may no longer be available. 

"So, I think we need to work very hard to ensure that the Nigerian Shippers Council funding position is secured."

Akutah also disclosed that since the council's mandate has been expanded to be the port economic regulator, there was need for a law to back up its new mandate.

According to him, the council has been at the fire front of expediting trade and also ensuring proficiency of the port for business to flourish and for government to make more money. 
''Today is a very important day, first of its kind especially since I resumed here. The mandate of the council has been expanded and we are to do more as Port Economic Regulator. 

"We have a lot to do to regulate the sector and President Bola Tinubu, has created ministry of Marine and Blue Economy with the mindset to focus on blue Economy and to diversify nations economy from crude. 

"Our mandate is to facilitate trade and ensure efficiency of the port for business to thrive and for the nation to make more money,create opportunities for youth empowerment, job creation and others.

"Now that we have a committee for shipping service and with their collaboration, we will see rapid development in the sector. We are grateful to receive you today and we know that the impact of the visit will live with us for a long time. 

"We need to contribute to the GDP and to achieve this, we need your protection," Akutah said.

The NSC boss said they had  some bills before the National Assembly such as repealing the council act to be the Port Economic Regulator adding that the council had tried to see to the passage or  the bill.

 Akutah said the was operational to enable them carry out their mandate adding that  without it, it  would  be difficult for the to achieve their mandate.

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