NPA remitted N400bn to Consolidated Revenue Fund in 2024 – MD
The Nigerian Ports Authority (NPA), on Monday, revealed that it remitted N400 billion into the Consolidated Revenue Fund (CRF) of the country in the 2024 fiscal year, saying that it almost doubled remittance made by the agency in 2023.
The Managing Director, of NPA, Dr Abubakar Dantsoho, made the revelation at the National Assembly Complex while presentation the performance index of the agency in 2024 and proposals for 2025 before the Senate Committee on Marine Transport.
This was as he also disclosed that NPA had projected N1.279 trillion revenue for 2025 fiscal year which is 40% higher than N865 billion projected for 2024 and even surpassed.
“Revenue projection of NPA for 2025 fiscal year is N1.279trillion which is about 40% higher than N865billion projected in 2024 and surpassed with N894.86billion generated.
“The breakdown of the N1.279trillion revenue projection , shows that N430billion from Cargo, N544billion from Ships, N240billion from Concession and N73 billion from administrative charges .
“Our 2025 budget proposal is more than figures, it reflects our aspirations for a more efficient, globally competitive port system,” Dantsoho told lawmakers, adding that over 70% of the proposed expenditure will go into capital projects.
“This ambitious target, the Authority says, is anchored on sweeping modernization efforts, the full activation of the Dangote Refinery’s marine operations, and the deployment of cutting-edge technology to enhance port efficiency”, he said .
The NPA boss explained that the projected revenue increase was premised on several key assumptions and developments, including: The full operation of the Dangote Refinery, which alone is expected to draw in over 600 vessels annually through its Single Point Mooring (SPM) system; the commissioning of upgraded terminals at WACT and OMT, which will enhance container traffic; the implementation of automation tools such as the National Single Window, Port Community System (PCS), and Vessel Traffic Management System (VTMS); and increased cargo volumes stemming from global disruptions, including the Russia-Ukraine conflict, which has affected global trade routes.
According to the Managing Director, out of the proposed ₦1.14 trillion total expenditure for 2025, ₦778.46 billion is earmarked for capital projects.
He said that this investment would target the revitalization of critical infrastructure, including the Calabar, Warri, and Burutu Ports and channels, and enhance towage services, channel depth, and compliance with international security conventions.
“Investments in infrastructure and technology are non-negotiable if we are to stay competitive regionally and globally”, he stressed.
In his remarks, the Chairman of the Senate Committee, Senator Wasiu Eshinlokun (APC Lagos Central), urged the NPA to ramp up performance, improve port infrastructure, and play a greater role in addressing Nigeria’s revenue and unemployment challenges.
The ports according to him, remain a critical pillar of Nigeria’s economy, and urged the agency to meet rising expectations despite operational challenges.
Other members of the Committee like Senators Iya Abbas (PDP Adamawa Central), Victor Umeh (LP Anambra Central), Amos Yunana (PDP Adamawa South), Kenneth Eze (APC Ebonyi Central), Abdul Ningi (PDP Bauchi Central) among others, in their separate comments, commended NPA for always surpassing its revenue targets every fiscal year.
They however, enjoined NPA to do more on revenue generation as a way of helping the Federal Government to solve the problem of deficit budgeting and borrowing.
Senator Cyril Fasuyi, while making his contribution, urged NPA to cut down its expenditure, noting that N1.1 trillion projected for 2025 fiscal year was on the high side.
