Nigerian Ports Authority (NPA) Projects N629.89 Billion Revenue for 2024, Seeks N200 Billion Loan

The Managing Director of the Nigerian Ports Authority (NPA), Mr. Mohammed Bello-Koko, revealed during the defence of the 2024 budget before the House of Representatives Committee on Port and Harbour in Abuja that the agency is projected to generate N629.89 billion in revenue for the fiscal year.

Concurrently, Bello-Koko sought a N200 billion loan from Afrexim Bank to bolster the agency’s operations and infrastructure development initiatives.

Breaking down the budget, Bello-Koko outlined a total projected expenditure of N464.32 billion, with operating expenses estimated at N212.03 billion and capital expenditure set at N252.29 billion. Among the financial institutions listed for loan acquisitions are the United Kingdom Export Finance (UKEF).

Highlighting the urgency of rehabilitating and reconstructing dilapidated port infrastructure facilities, Bello-Koko emphasized the need for investment funding to address critical areas such as the rehabilitation of Escravos breakwaters, which play a pivotal role in enhancing port efficiency and cargo traffic.

Chairman of the Committee, Rep. Nnolin Nnaji, underscored the agency’s vital importance to the nation and emphasized the committee’s commitment to inspecting facilities beyond Lagos.

He stated, “We need to see those things you are telling us. The House of Representatives is very serious about budget defence.” He assured that the committee would accept the budget and proceed with further deliberations.

However, concerns were raised by Rep. Nnaji regarding drainage channels filled with wreckage and the lack of information regarding wreckage removal. He pointed out that neglecting the removal of wreckage would perpetuate the problem due to the presence of abandoned ships in Nigerian ports.

The budget defence session highlighted both the ambitious revenue projections and the pressing need for infrastructure rehabilitation within the Nigerian Ports Authority as it seeks to bolster operations and address longstanding challenges.