February 28, 2022 8:00 AMSponsored by Yusuf Gbagi, a lawmaker from Plateau state.
The legislation is titled, ‘A Bill for an Act to Establish the Nigerian Maritime Security Trust Fund for the Purpose of Training, Provision of Security Equipment and Related Facilities, Enhance the Skills of the Personnel of the Nigerian Navy; and for Related Matters’. The senate, in passing the bill, amended Clause 14 by removing the recommendation of the supervising minister in the appointment of the executive secretary of the fund, giving the president the powers to unilaterally do so.Clause 4 provides that the trust fund shall consist of “an amount constituting 0.5 percent of the total revenue accruing to the federation account”.Clause 4 stipulates that the fund will be sourced from a “levy of 0.
“23 The provisions of any enactment relating to the taxation of companies or trust funds do not apply to the Trust Fund.”It seeks to provide funds for the training and retraining of personnel of the Nigerian Navy. It will also provide them with state-of-the-art security equipment and machinery and enhance their preparedness to effectively discharge their constitutional duties.