NPA records N501bn revenue in December 2023, remits N131.2bn to Federation Account
The Nigerian Ports Authority (NPA) in keeping up with the spirit of the performance bond signed with the federal government, has remitted the sum of N131.2bn to the federation account as at the end of 2023.
In a report titled “Consolidation of superior performance at the Nigerian Ports Authority 2023-A synopsis of the Authority’s performance improvement 2022-2023,” the Management of the Authority said that remittances rose from N93.4 bn in 2022 to N131.2 bn as at the end of 2023.
The report said that notwithstanding the global economic crisis in 2023, the authority was able to do well in trade facilitation and surpassed its record in 2022.
According to the report, the Managing Director, Mohammed Bello Koko was unwavering in implementing the performance improvement measures which led to the unprecedented revenue generation and remittances to the Consolidated Revenue Fund (CRF) of the Federation.
The report said the authority’s revenue steadily grew from N361bn in 2022 to N501bn as of December 2023.
The report showed that taxes paid to the government which grew at different times include USD$77.7m and N17.6 billion respectively.
On exports, the report said the NPA worked hard in promoting Nigeria’s balance of trade in a bid to strengthen the nation’s currency, Naira.
The report equally added that in its determination to promote multi-modalism which has become a global practice, the authority encouraged barge operations services to be able to reduce pressure on the roads.
According to the report, barge operation has now grown into a N2-billion annual generation business in terms of direct investment and externalities.
Part of the report reads, “Movement of cargo by barge has greatly enhanced port-hinterland connectivity as evidenced by the meteoric rise in numbers from a total of 80,244 TEUs in 2022, which by 2023 had grown to 118,046 TEUs.”
“The NPA during the period under review licensed ten (10) Export Processing Terminals to facilitate exports at Nigerian Sea Ports.
“This move which provided a one-stop shop for export processing where quality control, cargo assessment and statutory checks by all government agencies were carried out was geared towards eliminating all bureaucracy and attendant delays that hitherto undermined the competitiveness of Nigerian Exports in the International market place.”
