The Nigerian Ports Authority (NPA) has projected revenue earning of at least N629.89 billion for 2024.
Managing Director of NPA, Mohammed Bello-Koko, who disclosed this during the defence of the 2024 budget before the House of Representatives Committee on Port and Harbour, also sought approval for a N200 billion loan from the Afrexim Bank.
Giving highlights of the proposed budget of the agency, he highlighted that the total projected expenditure amounted to N464.32 billion, with operating expenses estimated at N212.03 billion, while capital expenditure was set at N252.29 billion.
Bello-Koko noted that the United Kingdom Export Finance (UKEF) was among the financial institutions listed for loan acquisition.
“Part of the main thrust of the 2024 budget is the urgent need to rehabilitate, reconstruct and moderate the dilapidated port infrastructure facilities,” the managing director added.
He emphasised the needfor 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.
The Chairman of the Committee, Rep. Nnolin Nnaji, underscored the vital importance of the agency to the nation, even as ne reiterated the committee’s obligation to inspect facilities beyond Lagos.
“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,” he stated.
Problems of Nigerian Ports
Nnaji expressed concerns about the drainage channels being filled with wreckage and highlighted the lack of information regarding wreckage removal, and pointed out that as long as the NPA continued to neglect the wreckage, the problem will persist due to the presence of abandoned ships.
