The Managing Director of the Nigerian Ports Authority (NPA), Mr. Mohammed Bello-Koko, projected that the agency would generate N629.89 billion in revenue for 2024.
Concurrently, he sought a N200 billion loan from Afrexim Bank.
Bello-Koko made this disclosure during the defence of the 2024 budget in front of the House of Representatives Committee on Port and Harbour in Abuja on Thursday.
Regarding the budget breakdown, he highlighted that the total projected expenditure amounted to N464.32 billion. Within this, operating expenses were estimated at N212.03 billion, while capital expenditure was set at N252.29 billion.
He noted that the United Kingdom Export Finance (UKEF) was among the financial institutions listed for loan acquisition.
- He stated, “part of the main trust of the 2024 budget is the urgent need to rehabilitate, reconstruct and moderate the dilapidated port infrastructure facilities.”
He emphasized the necessity for the rehabilitation of Escravos breakwaters, highlighting its role in enhancing port efficiency and boosting cargo traffic. This endeavour seeks investment funding from financiers such as UKEF and Afrexim.
Recommended reading: Oil marketers say dollarization of charges by NPA, NIMASA affecting product supply
Reps accept NPA budget
The Chairman of the Committee, Rep. Nnolin Nnaji, underscored the vital importance of the agency to the nation. Consequently, he stressed the committee’s obligation to inspect facilities beyond Lagos.
- He stated, “We need to see those things you are telling us. The House of Representatives is very serious about budget defence, while they do screening on the other side, budget defence is here,”
- “We accept this budget, and we will move further with it,”
Problems of Nigerian Ports
The lawmaker raised concerns about the drainage channels being filled with wreckage and highlighted the lack of information regarding wreckage removal.
Nnaji pointed out that as long as the Nigerian Ports Authority (NPA) continues to neglect the wreckage, the problem will persist due to the presence of abandoned ships.
Recommended reading: NPA attributes non-remittance of $852 million, N1.8 billion to faulty concession agreements
