Hadiza Bala Usman, Managing Director of the Nigerian Ports Authority (NPA) has denied allegations made by the Senate that it failed to remit N177 billion of its 2017 revenue into the Consolidated Revenue Fund, as required by law.
The NPA in its statement said that; “Total revenue generated by the Authority in the Year 2017 stood at N303.9 billion while total expenditure (inclusive of recurrent and capital) amounted to N205.8 billion.”
“Of the N303.9bn generated revenue, the sum of N60.12 billion represents uncollectable revenue from concessionaires attributed to clauses in the concession agreements is currently being reviewed. The operating surplus for the authority in 2017 was N38 billion.”
“Therefore, the sum of N30.4 billion, which represents 80% 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.”
“These computations arise from the Authority’s management account pending the conclusion of the audit of the 2017 financial statement, which is ongoing.”
“It is pertinent to also note that the Authority has already remitted the sum of N11.3bn for 2018 CRF contribution into the Consolidated Revenue Fund with the use of Authority’s management account ahead of auditing for 2018.”
“NPA is ready 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.”