Conference Committee on Public Finance has uncovered unremitted N713 billion in Nigeria Port Authority (NPA) between 2009 to 2014 informing the conference NPA operates under ambiguous framework.
According to the report, in 2009, NPA generated N91 billion but remitted only N5.2billion; in 2010, it generated N102 billion but remitted a paltry N3.5 billion; in 2011, it generated N120 billion remitting only N1billion; in 2012, it generated N128 billion but remitted just N17.8billion; it generated N131 billion in 2013 and remitted N3.2 billion; and in 2014 N172 billion has been generated so far.
Reading the report at the plenary, the Chairman of Conference Committee on Public Finance, Senator Adamu Aliero observed that the Authority operates under an ambiguous and unclear framework due to lack of information on the form and content of concessioning agreement.
The committee also noted that the level of remittance when compared to revenue generated is ridiculously low and unstable in spite of the Authority’s explanation that a large percentage of the revenue was expended on operating cost and capital expenditure.
The committee however recommended that the concession agreement should be revisited.
While the Chairman of the committee was reading the report delegates by their body language were amazed when Senator Aliero informed the conference about unremmited fund by NPA.