Assures of Fiscal Responsibility

Following allegations by the National Assembly that the Nigerian Ports Authority, NPA, has not remmited funds to the Consolidated Account, the Agency has clarified the issues thus:

With due respect to our distinguished Senator, the Authority wishes to state that this allegation is without foundation. The fact of the situation are as follows:

* Total Revenue generated by the Authority in the Year 2017 stood at N303.9bn

* 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

Therefore, the sum of N30.4bn, which represents 80% 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.

* These computations arise from the Authority’s management account pending the conclusion of the audit of the 2017 financial statement, which is ongoing.

* It is pertinent to also note that the Authority has already remitted the sum of N11.3bn for 2018 CRF contribution into the Consolidated Revenue Fund with the use of Authority’s management account ahead of auditing for 2018.

* 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.

The NPA reassured that it remains a financially responsible organization which remain comitted to observing stipulated operational rules and regulation.