Senate through its committee on marine transport has charged the Nigeria Ports Authority, NPA, to come up with innovative ways to increase its revenue generation to help reduce borrowing by the federal government.
The Lawmakers gave the charge when Nigeria ports Authority appeared before the senate committee on marine transport, to defend the agency’s budget estimate of N253.47 billion for the 2022 fiscal year.
NPA in its submission said that the limitation of revenue available for spending in each fiscal year “ cost to revenue” ratio not exceeding fifty percent in compliance with the provisions of the finance act 2020 has serious downside risks to the authority’s 2022 budget projections in reconstruction and rehabilitation of old and dilapidated port infrastructure at Apapa, Tincan Island and Port Harcourt ports.
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He added that as at the end of September 2021 the authority recorded a revenue generation of N256.28Bn as against the expected N214.65Bn (Approved estimate N286.20Bn).
NPA with a projected revenue generation of N350.18bn for 2022 fiscal year, was mandated by the lawmakers to further stretch it avenues of revenue generation.
Reporter: Oyediya Urum. Editor: Ebuwa Omo-Osagie
