The Managing Director of the Nigerian Port Authority (NPA), Mr Mohammed Bello-Koko, says the agency is expected to generate N629.89 billion in 2024 while asking for a N200 billion loan from Afrexim Bank while noting that the United Kingdom Export Finance (UKEF) is also listed as one of the financial institutions to source the loan.
Bello-Koko who said this while defending the 2024 budget before the House of Representatives Committee on Port and Harbour in Abuja Thursday, 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.
He said “part of the main trust 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 and the replacement of old gravity walls. Others are rehabilitation of escravos breakwaters.
According to him, this is it aimed at improving port efficiency and increasing cargo traffic through investment funding from the financiers, UKEF and Afriexim.
At the end of the budget defense, Chairman of the Committee, Hon. Nnolin Nnaji, said the agency is very essential to the country, adding that the committee will ensure that it carries out it’s oversight functions in visiting some of the facilities/ports outside Lagos.
While expressing it’s displeasure over drainage channels that are full of wreckages, the committee also expressed worry over a lack of information on wreckage removal noting that as long as the NPA avoids the wreckage, it will keep occurring because of the abandoned ships, urging the NPA to look into it.
