Oyetola decries revenue leakages, inefficiency in maritime sector

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has highlighted the persistent challenge of revenue leakages, inefficiency and governance gap, which have hindered the maritime sector’s ability to fully optimize internally generated revenue (IGR).

Oyetola disclosed this at a two-day workshop on ‘Modern Audit Techniques as a Panacea to Improve Internally Generated Revenue’, held in Abuja.

Represented by the Permanent Secretary of the Ministry, Olorutola Olufemi, the minister said the workshop came at a critical time as Nigeria intensified efforts to diversify revenue sources.

He noted that the marine and blue economy sector presented numerous growth opportunities, including fisheries, shipping and marine tourism.

Oyetola stated that adopting modern audit practices was essential for harnessing resources, maximising revenue collection and minimising wastage in the sector.

He also underscored the role of auditors in enhancing organisational objectives, stating that their responsibilities were beyond reviewing financial accounts.

“This workshop marks a turning point for improving efficiency and enhancing audit performance within the ministry,” Oyetola said.

The Auditor-General of the Federation, Shaakaa Chira, represented by the Director of the Audit Department, Uchechukwu Ogwe, noted that the marine and blue economy sector had immense potential for revenue generation through fishing licenses, oil and gas royalties, customs duties and marine tourism.

However, he pointed out that these revenue streams are often undermined by systemic inefficiencies, revenue leakages and governance challenges.

Chira assured the Ministry of the Auditor-General’s support and collaboration in driving reforms and promoting accountability within the sector.

He stated that the workshop serves as an excellent platform for stakeholders to exchange ideas, engage constructively and develop actionable strategies to address these challenges.

Speaking earlier, the Director of Internal Audit at the Federal Ministry of Marine and Blue Economy, Jumbo Obenachi Renner, stressed the need to adopt innovative strategies, robust practices and forward-thinking approaches to unlock the sector’s potential as a key driver of economic growth and sustainability.

Renner added that the workshop is designed to equip auditors with the necessary knowledge, skills and frameworks to rethink conventional approaches and embrace advanced techniques in line with global best practices.