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NPA refutes report, says 2017 operating surplus already remitted

The Management of the Nigerian Ports Authority (NPA), has reacted to newspaper reports alleging that the Authority has failed to remit the sum of N177b Operating Surplus from its 2017 revenue to the Consolidated Federation Account, saying it had long done that.
The allegation, according to the reports, emanated from discussions that followed a motion at the Plenary of the Senate on Wednesday, November 28, 2018.
However, the management went to the books and presented a clear report of the remittances as follows:
• Total Revenue generated by the Authority in the Year 2017 stood at N303.9bn

• 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

• Therefore, the sum of N30.4bn,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.

• 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.