NPA Sets Target To Generate N629b In 2024

The Nigerian Ports Authority, NPA, is expected to generate N629.89 billion in 2024 while asking for a N200 billion loan from Afrexime Bank.

The United Kingdom Export Finance (UKEF) is also listed as one of the financial institutions to source the loan.

The Managing Director of the
NPA, Mr. Mohammed Bello-Koko, stated this while defending the 2024 budget before the House of Representatives Committee on Ports and Harbour in Abuja.

He added that the total projected expenditure is N464.32 billion, while the operating expenses are projected at N212.03 billion, and the capital expenditure stood at N252.29 billion.

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

He noted that the defects in the facilities were hampering efficiency and productivity in the ports, and that the defects include the Quay Wall and the replacement of old gravity walls.

Others are rehabilitation of the escravos breakwaters.

He explained that it was aimed at improving ports efficiency and increasing cargo traffic through investment funding from the financiers, UKEF and Afriexim.

The Chairman of the Committee, Nnolim Nnaji who
said the agency is very dear to the country, pointed out 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 do screening on the other side, budget defense is here”.

Oduyemi Odumade, Edited By Grace Namiji