Business How Economic Downturn Affected NIMASA - Peterside

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The Nigerian Maritime Administration and Safety Agency is broke and is struggling to pay salaries as a result of the economic downturn confronting the country.

The Director-General, NIMASA, Dr. Dakuku Peterside, said in Lagos on Wednesday.

He said, “The current economic downturn coupled with the low cargo throughout has affected the agency’s financial status.

“The low volume of crude exports leading to dwindling revenue is another reason responsible for our situation.”

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Peterside expressed hope that the new foreign exchange regime recently introduced by the Central Bank of Nigeria would impact positively on the finances of the agency, adding that it had taken some level of creativity to pay staff salaries.

He added that all financial leakages in the agency were being identified and blocked simultaneously with a view to improving its financial profile.

“NIMASA is almost down and out. We are only managing to pay salaries through our ingenuity. It is not business as usual,” Peterside added.
 
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