NPA eyes N201b revenue, to remit N50.4b into govt coffers
Barring any unforeseen circumstances, the Nigerian Ports Authority (NPA) plans to generate N201.32billion revenue between January and December this year.
According to NPA’s proposed 2016 budget obtained by The Guardian yesterday, N50.42 billion representing 25 per cent will be transferred to the consolidated revenue fund.
Details of the proposed budget revealed that NPA is to spend a total of N69.17 billion for personnel and overhead expenses and N81.77 billion for capital expenditure.
According to the NPA, the proposed revenue is based on ship and cargo traffic expectation within the period while “the operating expense budget is essentially driven by the need to maintain and upgrade existing assets, improve monitoring roles and advance human capital development.”
In the proposed budget document, Managing Director of NPA, Habib Abdullahi explained that the projected revenues and expenditure were prepared based on the assumptions that the official exchange rate shall be maintained around N197 to a dollar.
Meanwhile, NPA has predicted that its operations in 2016 would be impacted by increase in tariff for imported automobile, reduction in service boat operations “as oil companies scale down investment due to the global crash in oil price.”
Explaining further, NPA explained that, “The inflation rate in the economy shall remain at a single digit throughout the year.
“The ongoing reforms initiated by the Federal Government to stimulate growth and plug leakages in the various sectors of the economy that are positively impacting maritime activities would be sustained.”
Besides, Abdullahi said the budget was put together based on the assumption that the following programme expected to transform the maritime sector and the national economy would be maintained throughout the period:
*Dredging of the channels and removal of wrecks for safe navigation of vessels;
*Completion and full deployment of functional information and communication technology to drive the operations at all locations and
*Collaboration with all stakeholders, especially relevant security agencies and host communities to engender safe and customer friendly operating environment.
Explaining further, NPA said its operations might also be impeded by slow-down in economic activities “as businesses struggle with sourcing of foreign exchange.”
Specifically, the thrust of the proposed budget, according to NPA is centred on deepening the regular maintenance of channels and waterways.
Others include development of Lekki Deep Sea Port, deployment of Information and Communication Technology (ICT), human capital development, health, safety and security within the port environment and effective regulatory and monitoring roles, among others.
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