• Fri. Apr 19th, 2024

NPA Proposes Over ₦464bn Budget Estimate for 2024

Nigerian Port Authority NPA has proposed the sum of over 464 Billion naira as the agency’s budget estimate for 2024 fiscal year.

The Managing Director of the Authority, Malam Mohammed Bello-Koko, announced this while defending their budget before the House of Representatives Committee on the Nigeria Ports Authority (NPA) in Abuja.

Malam Muhammad Bello Koko explained that of the total amount, over 252 billion naira had been earmarked for capital expenditures, while over 212 billion naira has been set aside for recurrent expenditures.

The Managing Director revealed that the agency was expected to generate N629.89 billion as Internally Generated Revenue in 2024, while planning to secure a loan of N200 billion from Afrexim Bank for the successful implementation of the budget.

He said the main priority of the 2024 budget for the authority was the urgent need to rehabilitate, reconstruct, and modernize the dilapidated port infrastructure facilities.

The NPA Boss emphasized that the defects in the facilities were hampering efficiency and productivity in the ports which include Quay Wall and the replacement of old gravity walls.

Others are rehabilitation of escravos breakwaters for improved port efficiency and increasing cargo traffic through investment funding from the financiers.

The Chairman, House of Representatives committee on NPA and his team during the agency’s 2024 budget defence.

In his remark, the Chairman House Committee on NPA Mr Nnolin Nnaji, lauded the agency’s contribution in improving the nation’s revenue profile, stressing that the committee is planning to visit some of the facilities for proper assessment.

“We need to see those things you are telling us because the House of Representatives is very serious about budget defense while screening is in the other side”

He commended the MD for the smooth budget presentation confirming that in the subsequent years he will do better.

The committee, however, expressed concern over the lack of information about the drainage channels, which were reported to be full of wreckage.