April 16, 2024

Maritime Today Online

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NPA targets N630bn revenue in 2024, seeks N200bn funding for infrastructure overhaul

Court convicts company of stealing €29m from NPA

The Nigerian Ports Authority (NPA) said it is targeting N629.89 billion as revenue for 2024.

The NPA also said it is seeking N200 billion loan from Afrexim Bank, with the United Kingdom Export Finance (UKEF) also identified as a potential source for financing.

The Managing Director of NPA, Muhammed Bello-Koko disclosed these plans during a budget defense session held before the House of Representatives Committee on Port and Harbour in Abuja on Thursday.

The proposed budget according to Bello- Koko outlines a total projected expenditure of N464.32 billion, with operating expenses estimated at N212.03 billion and capital expenditure set at N252.29 billion.

Highlighting the pressing need to address the deteriorating port infrastructure, Bello-Koko emphasized the budget’s focus on rehabilitating and reconstructing facilities essential for port operations.

Critical infrastructure such as the Quay Wall and aging gravity walls are among the areas earmarked for repair, along with the rehabilitation of escravos breakwaters.

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

He added that the defects in the facilities were hampering efficiency and productivity in the ports.

The MD stressed that these initiatives are vital for enhancing port efficiency and accommodating increased cargo traffic, underscoring the importance of investment funding from key financiers such as UKEF and Afrexim.

Chairman of the Committee, Rep. Nnolin Nnaji, emphasized the committee’s commitment to overseeing the NPA’s operations, expressing a desire to inspect facilities beyond Lagos.

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

Nnaji urged transparency in budget defense proceedings and highlighted the need for concrete action on issues such as drainage channel maintenance and wreckage removal.


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