The managing director of the Nigerian Port Authority (NPA), Mohammed Bello-Koko, has disclosed that the agency intends to generate N629.89 billion in 2024 and is seeking a N200 billion loan from Afreximbank.
Also listed as one of the financial institutions the authority will source the loan from is the United Kingdom Export Finance (UKEF).
Bello-Koko stated this while defending the 2024 budget before the House of Representatives Committee on Port and Harbour in Abuja on Thursday.
He explained that the total projected expenditure is N464.32 billion, while the operating expenses are projected at N212.03 billion, and the capital expenditure stood at N252.29 billion.
The NPA boss said part of the main thrust of the 2024 budget is the urgent need to rehabilitate, reconstruct, and moderate the dilapidated port infrastructure facilities.
He added that the defects in the facilities were hampering efficiency and productivity in the ports, adding that the defects include the Quay Wall, replacement of old gravity walls and rehabilitation of Escravos breakwaters.
Bello-Koko stated that the budget was aimed at improving port efficiency and increasing cargo traffic through investment funding from the financiers, UKEF and Afriexim.
Chairman of the Committee, Hon. Nnolin Nnaji said the agency is very strategic to the country, adding that the panel would pay oversight visits to some of its facilities outside Lagos.
“We need to see those things you are telling us. The House of Representatives is very serious about budget defence, while they do screening on the other side. Budget defence is here.
“I believe in the subsequent budget, the MD would do better. We accept this budget, and we will move further with it,” Nnaji said.
The Committee also said the drainage channels were full of wreckage, expressing worry over a lack of information on wreckage removal.
The lawmakers said as long as the NPA avoids the wreckage, it will keep occurring because of the abandoned ships, urging the NPA to look into it.
