The House of Representatives has commenced moves to establish a security Trust Fund for the Maritime sector by passing the establishment bill for second reading.
The Bill for an Act to establish Nigerian Maritime Security Trust Fund and other matters related thereto (2020), according to the sponsor, Hon. Yusuf Gagdi (APC, Plateau), the need for the trust fund became necessary considering the challenges the service faces in the course of keeping the nation’s waterways safe.
Gagdi, while leading the debate on the general principles of the bill said the proposed law if passed and signed by Mr. President, would take care of issues such as training and retraining of naval personnel for optimum productivity, as well as funding for equipment and machineries that will aid the seamless protection of our waterways by the Nigerian Navy, thereby guaranteeing a robust economic development of the country.
The lawmaker, who chairs the House committee on Navy maintained that “since the mainstay of Nigerian economy (oil) is majorly sourced and moved through the waterways, while the largest chunk of our import and export of other goods are carried out through the seas, it was imperative that the Nigerian Navy is sufficiently equipped and routinely trained to curb the excesses of pirates, oil bunkerers and other illegal activities on our waterways that hamper our economic development”.
Members, who contributed to the debate noted the importance of the ill, and the need to have a trust fund in place, urging the House to expedite action on its passage.
The bill was first read on 15th March, 2021 and seeks to exist for 8 years from the commencement date of the Act, (when finally passed by the National Assembly and assented to by Mr President), unless it is further extended by an Act of the National Assembly.
