Revenue: NPA to generate N629.89bn in 2024 Financial year

…requests N200bn loan f3om Afrexim Bank.

By Tom Okpe

Managing Director, Nigerian Ports Authority, (NPA) Mohammed Bello-Koko, has revealed that the agency is expected to generate N629.89 billion in 2024, while asking for a N200 billion loan from Afrexim Bank.

It was also stated that the United Kingdom Export Finance, (UKEF) was listed as one of the Financial Institutions to source the loan.

He said the total projected expenditure is N464.32 billion, while the operating expenses are projected at N212.03 billion, with the capital expenditure standing at N252.29 billion.

The NPA MD revealed, while defending the 2024 budget before the House of Representatives Committee on Port and Harbour in Abuja on Thursday.

He said: “Part of the main trust of the 2024 budget is the urgent need to rehabilitate, reconstruct, and moderate dilapidated port infrastructure facilities.

“The defects in the facilities were hampering efficiency and productivity in the ports, and the defects include the ‘Quay Wall,’ and the replacement of old gravity walls,” he said.

He further revealed that others are rehabilitation of escravos breakwaters, adding that, “it was aimed at improving port efficiency and increasing cargo traffic, through investment funding from the financiers, UKEF and Afriexim.”

In his contributions, Rep Nnolin Nnaji, Chairman of the Committee, said the Agency is dear to the country, adding that the Committee needed to visit some of the facilities outside Lagos.

“We need to see those things you are telling us. The House of Representatives is very serious about budget defense, while they are on screening, on the other side, with budget defense on ground.”

Nnaji commended the MD for the budget presentation, saying; “I believe in the subsequent budget, the MD would do better, we accept this budget, and we will move further with it.”

The Committee also said the drainage channels were full of wreckage, expressing worry over lack of information on wreckage removal.