Allegation of N177 billion Operating Surplus Not True, Says NPA
The Nigerian Ports Authority (NPA) Thursday said it was not true that it recorded an operating surplus of N177 billion last year as claimed by a member Senator Mohammed Hassan who is a member of the Senate Committee on Marine Transport.
In a statement, the Authority said the figure was fictitious that it failed to remit an operating surplus of N177 billion to the Consolidated Federation Account.
The statement reads: “The fact of the situation are as follows: Total revenue generated by the Authority in the year 2017 stood at N303.9 billion; total expenditure (inclusive of recurrent and capital) amounted to N205.8 billion. Of the N303.9 billion generated revenue, the sum of N60.12 billion 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 N38 billion. Therefore, the sum of N30.4 billion, 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.
“It is pertinent to also note that the Authority has already remitted the sum of N11.3 billion 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.
“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, “
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