NPA insists it has remitted over N30bn into consolidated revenue account

Contrary to reports that it withheld about N177 billion from the Condolidated Revenue Account, the management of the Nigerian Ports Authority (NPA) said that it has already remitted the sum of N30.4 billion representing 80 per cent of its operating surplus for 2017 into the Consolidated Revenue Fund.

NPA was reacting to reports in the media that it failed to remit the sum of N177 billion Operating Surplus from its 2017 revenue to the Consolidated Federation Account.

According to a statement on Thursday, the agency denied the report which was an offshoot of discussions that followed a motion at the Plenary of the Senate on Wednesday, November 28, 2018.

The NPA said: “The sum of N30.4bn,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.

“Total revenue generated by the Authority for 2017 stood at N309.9bn, total expenditure (inclusive of recurrent and capital) amounted to N205.8bn.

“Of the N303.9bn generated revenue, the sum of N60.12bn 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 N38bn.”

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The NPA added that the computations arose from the NPA’s management account pending the conclusion of the audit of the 2017 financial statement, which it said was ongoing.

The statement further said that it had also already remitted the sum of N11.3bn for 2018 CRF contribution into the CRF with the use of its 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”, the NPA said.

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