REPS MOVE TO DIVERSIFY REVENUE SOURCES THROUGH MARITIME SECTOR

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In view of the economic downturn in the country due to the over dependence on oil as the nation’s main source of revenue effort is been made to diversify the economy. Lawmakers in the House of Representatives are of the view that the maritime industry is one sector that can be exploited to help give the economy the needed boost.

A bill for an act establishing the national marine insurance bureau to take charge of the collection of insurance levies on all charges of crude oil or gas leaving the shores of the country was brought forward for the second reading by Mohammed Galolo representing Gamawa Federal Constituency of Bauchi state.

According to the Lawmaker the nation has lost billions of dollars in capital flight over the years as a result of the activities of foreign insurance companies who specialize and monopolize the marine insurance sector in the country.

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