NPA Remits N30bn Surplus To Federal Government's Coffers
Seaport In Nigeria. Image: Leadership NG

The federal government got N30.4bn from the Nigerian Ports Authority (NPA), 80 percent of its operating surplus for 2017.

This was revealed in a statement by the NPA on Thursday in reaction to the alleged failure of the agency to remit N177bn Operating Surplus from its 2017 revenue to the Consolidated Federation Account.

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According to the statement, the NPA said “The sum of N30.4bn,which represents 80 per cent of the operating surplus that the Authority is required to remit to the CRF in line with the Fiscal Responsibility Act, 2007, has been duly paid into the Consolidated Revenue Fund by the Authority with receipt of payment already issued by the office of the Accountant-General of the Federation.”

Furthermore, it noted that the “Total revenue generated by the Authority for 2017 stood at N309.9bn, total expenditure (inclusive of recurrent and capital) amounted to N205.8bn.

“Of the N303.9bn generated revenue, the sum of N60.12bn represents uncollectable revenue from concessionaires attributed to clauses in the concession agreements, which the authority is currently reviewing.

“Consequently, the operating surplus for the authority in 2017 was the sum of N38bn.”

It noted that “The Authority wishes to state its readiness to present all documents needed to provide clarification to the Senate Committee on Marine Transport and the Senate.

“On a final note, while we appreciate the constitutional oversight role of distinguished senators on the operations of the NPA, we suggest greater restraint on issues that deal with the integrity of national institutions even as we assure of our respect for the Senate.”