NPA remits N90bn into federation coffers

The Nigeria Ports Authority (NPA) has remitted N89.9 billion into the federal government’s Consolidated Revenue Fund (CRF). The amount remitted is out of the N256.28bn it realized between January and September 2021. A Consolidated Revenue Fund or Consolidated Fund is the main bank account of the Government. The acting Managing Director, Mohammed Bello Koko, in […]

The Nigeria Ports Authority (NPA) has remitted N89.9 billion into the federal government’s Consolidated Revenue Fund (CRF).

The amount remitted is out of the N256.28bn it realized between January and September 2021.

A Consolidated Revenue Fund or Consolidated Fund is the main bank account of the Government.

The acting Managing Director, Mohammed Bello Koko, in a paper to the House of Representatives Committee on Ports and Harbours, said the figure was against the expected N214.65bn for the same period.

Koko revealed that the authority remitted N89.9bn into the CRF and that the authority was able to reduce its operating expenses by 20 per cent for the period under review.

The NPA MD said the effort made so far was despite the effect of COVID-19 on trade.

“For operating expenses, as at the end of September 2021, actual spending stood at N55.10bn as against the budgeted figure of N65.49bn, comprising employees’ benefits, pension costs, towage services, supplies, repairs & maintenance and other administrative overheads. This indicates a “savings” of N10.39bn or 85 percent performance of the approved budget of N87.32bn.

He also said NPA remitted N62.66bn to CRF for this year as at October 31, 2021, while a cumulative sum of N89.9bn has been transferred to the CRF in the last six months.

“At the current state of increased revenue drive, it is projected that the Authority will exceed its 2021 revenue projections and the projected transfer to the CRF for the year 2021 which is expected to be over N80bn, which would be the highest in the history of the authority,” he said.