Transport Minister Rotimi Amaechi has proposed 205 billion naira (300 billion FCFA) as the capital budget for 2021 to enable the ministry to make meaningful progress on all its ongoing projects.

Rotimi Amaechi made this known in a statement to reporters, during his presentation before the Joint Senate-House of Representatives Committee on Land and Maritime Transport in Abuja. “ The total capital appropriation of the ministry for 2020 is 70 billion naira (102 billion FCFA), land transport at 69.6 billion naira, 698 million naira (over 1 billion FCFA) for maritime transport. Of this amount, 36 billion naira (52.5 billion FCFA), representing 51.49%, has been released to date with land transport having about 35 billion naira (51 billion FCFA) and maritime with 90 million naira (more than 131 million FCFA), were used on November 2. 2020. In addition, the sum of 245 million naira has been allocated for general expenses, of which 177 million naira (258 million FCFA) has been released, the sum of 158 million naira (230 million FCFA) of the released amount has been spent on October 28, 2020 ,” Transport Minister Rotimi Amaechi said.

“ The ministry proposes a total investment budget of 205 billion naira (300 billion FCFA) with land transport estimates of 204 billion naira (297 billion FCFA), maritime transport estimates of 845 million naira (1, 2 billion FCFA) and overhead costs of 358 million naira (522 million FCFA) in the 2021 budget. The aims and objectives of these proposals are to achieve significant progress on all ongoing projects. And to complement and provide modern rail services that will provide an efficient and cost-effective alternative transportation system for economic growth and job creation opportunities for citizens ,” Amaechi said.

According to him, the Nigerian Institute of Transport Technology (NITT) and the Nigeria Railway Corporation (NRC) are fully funded from the national budget. Facing the press, the Minister indicated that the National Waterways Authority (NIWA), the Maritime Academy and the Council for the Regulation of Freight Transport (CRFFN) derive their funding from both the national budget and the revenues generated internally (IGR).

He, however, said that three of the agencies under the ministry, namely the NPA, the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Shippers Council (NSC), were fully self-funding and making reasonable installments. to the consolidated revenue fund.