JUST IN: Top Govt Agency Generates N172.285bn Revenue in 1st Half of 2022, Remits N78.496bn to CRF

JUST IN: Top Govt Agency Generates N172.285bn Revenue in 1st Half of 2022, Remits N78.496bn to CRF

  • The Federal Government has received the sum of N78.4 billion into the Consolidated Revenue Fund (CRF) account
  • The money was received by the FG as part of remittances from the revenue generated by the Nigerian Ports Authority in the first half of the year 2022
  • The managing director of the NPA, Mohammed Koko said it is encouraging that such huge revenue was generated by the Authority amid global economic and inflation crises, among other negative factors

The Nigerian Ports Authority (NPA) has generated total revenue of N172,285,626,312.00 (One hundred and seventy-two billion, two hundred and eighty-five million, six hundred and twenty-six thousand and twelve naira only) from its operations in the first half of 2022.

The Authority, in the same period, remitted N78,496,966,862.20 (Seventy-two billion, four hundred and ninety-six million, nine hundred and sixty-six thousand, eight hundred and sixty-two naira and twenty kobo) to the Consolidated Revenue Fund (CRF) of the Federation.

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Nigerian Ports Authority, NPA, Mohammed Koko, Revenue generation, Consolidated Revenue Fund, N172.285 billion revenue
NPA's managing director said that the remittances were expressions of the operational performance of the ports. Photo: Mohammed Koko
Source: UGC

These disclosures were contained in a half-year 2022 operational reports released by the managing director and chief executive officer of the Authority, Mohammed Bello Koko.

Koko announced that a breakdown of the figure indicates that N50,255,925,779.20 (fifty billion, two hundred and fifty-five million, nine hundred and twenty-five thousand, seven hundred and seventy-nine Naira, twenty kobo) represents cash remittances - the compulsory deduction of 25 per cent of revenue generated and other sundry payments - for the absolute period of January-June 2022.

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He added that the remaining N28,241,041,083.00 (twenty-eight billion, two hundred and forty-one million, forty-one thousand, eighty-three naira) relates to the remittance with respect to other periods.

Generating funds amid economic crisis and inflation

According to Koko in the face of global economic and inflation crises, among others negative factors, the half-year operational statistics have been encouraging.

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He noted that the NPA had bolstered impressive remittances to the Consolidated Revenue Fund (CRF) of the Federal Government

His words:

“Global economic and inflation crises, global reduction in household incomes and purchasing power and scarcity of foreign exchange all of which has negatively affected business environment, affected Government revenue and constrained expenditure.
“The development in the port industry cannot be severed from the macro-economic environment with galloping inflation that has grossly reduced the disposable income of the households, the depreciating exchange rates that stifle business environment and the dwindling government revenue that constrains expenditure.
“In the face of these harsh macro-economic indices, the Nigerian Ports Authority has forged on to deliver port and harbour services to the teeming operators in the export and import businesses across the country.”

Details of revenue generated by the NPA

The NPA boss explained that the remittances were expressions of the operational performance of the ports.

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He said:

“In the 1st half of 2022, a total of 1,992 ships calls were recorded and the aggregate of the Gross Registered tonnage (GRT) of vessels was 60,235,133 tons.
“The Authority achieved total cargo throughput of 38,672,392 metric tonnes and 849,175 teus (twenty-foot equivalent units) of container traffic. Vehicle traffic handled, during the period under review, was 132,543 units.
“Also, the average turn-around-time (TAT) of vessels, indicating port efficiency, stood at 5.16days. This is an improvement and we are strategising to perform better in the second half of the year.”

Koko said that it was important to note that the Port remains the gateway of the national economy, and thus represents the barometer by which we measure the pulse of the economy.

He assured:

“The Authority remains committed to providing improved services to increase efficiency at the ports that impact on higher revenue generation and economic growth of the nation.”

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Koko listed such improved services to increase efficiency at the ports to include: deployment of marine crafts at all ports locations; marking/laying of buoys at Calabar and Escravos Channel to improve safe navigation; encouraging the use of Eastern Port by way of incentives to importers on port charges; deployment of security patrol boats to increase safety along the Port Quays; and repairs/ rehabilitation of ports’ access roads to improve cargo evacuation and dwell time.

Others, he said, were encouraging the use of barges for cargo evacuation to reduce traffic gridlock on the roads; licencing of export processing terminals in order to support the Federal Government’s initiative on increase in non-oil exports; creating MSS for barge operations in order to improve multi-modal means of cargo movement; and, working on initiatives to improve on staff members’ welfare.

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Nigerians across the country and the world had earlier been assured of effective and efficient strategies to improve logistics in the maritime sector.

The assurance was handed to Nigerians by the managing director of the Nigerians Ports Authority Mohammed Bello Koko.

Koko confirmed that the NPA would put measures in place, including private sector partnerships to improve delivery on the maritime logistics value chain.

Nigerian Ports Authority secures fresh approval for designation of an important seaport in the southwest region

Approval had been secured for the designation of the Lekki Deep Seaport as a customs port and approved wharf.

This approval was received by the Nigerian Ports Authority from President Muhammadu Buhari the agency had said.

According to the NPA, the presidential approval for the port as a customs port and approved wharf is in line with the requirements of the law.

Source: Legit.ng

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