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‘Regulatory agencies not set up to raise funds for government’

The Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dakuku Peterside, has faulted the Federal Government policy mandating all its agencies to meet revenue targets or their chief executives gets punished.

Mr. Peterside said it would be a misnomer to compel regulatory agencies to raise funds for government as that that would negate their core functions.

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Mr. Peterside spoke at the sidelines of the Convention on Business Integrity/The Integrity Organisation in partnership with ActionAid, Maritime Anti-Corruption Network, Nigerian Economic Summit Group, Lagos Chamber of Commerce & Industry and Business Day Newspapers held in Abuja, yesterday.

The regulatory conversations had the theme, ‘The Nigerian Regulatory Framework in the Transport/Maritime Sector Vis-a-vis National Development’.

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“The regulatory agencies are not set up to raise funds for government. Regulatory agencies are set up principally to reduce or mitigate risks and to protect public interests. So it will be erroneous to make revenue generation their focus. It will be injurious to the Nigerian people and it will not serve the interest of the Nigerian people,” Mr. Peterside side.

The NIMASA DG also noted that piracy remained a huge security challenge on Nigerian waterways, adding that until that is contained, Nigerian ports can never be competitive.

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