DURING a budget defense session with the House of Representatives Committee on Port and Harbour in Abuja, Mr. Mohammed Bello-Koko, Managing Director of the Nigerian Ports Authority (NPA), unveiled projections for the agency’s revenue in 2024, aiming for a substantial N629.89 billion.
He also disclosed plans to secure a N200billion loan from Afrexim Bank, with United Kingdom Export Finance (UKEF) listed as another potential source of financing.
The projected budget outlines a total expenditure of N464.32 billion with operating expenses estimated at N212.03 billion and capital expenditure at N252.29 billion.
Bello-Koko emphasized the urgent need for infrastructure rehabilitation and modernization to address existing defects such as dilapidated port facilities, including quay walls, as well as the rehabilitation of Escravos breakwaters.
Committee Chairman, Nnolin Nnaji stressed the importance of inspecting facilities outside Lagos, expressing the House’s seriousness about budgeted defense.
Despite concerns over wreckage-filled drainage channels and abandoned ships, Nnaji commended the budget presentation and pledged support for its advancement.
The NPA’s ambitious revenue target and strategic financing initiative underscores its commitment to enhancing port efficiency and stimulating cargo traffic, positioning the agency for sustained growth and development in the maritime sector.
