NPA Generates N172.3bn In H1’22

The Nigerian Ports Authority has generated a total revenue of N172.3 billion from its operations in the first half of 2022, H1’22.

It also remitted N78.5 billion to the Consolidated Revenue Fund, CRF, of the Federation during the period.

These were contained in the half-year 2022 operational reports of the Authority.

The Managing Director and Chief Executive Officer, Mr Mohammed Bello Koko, said ‘‘the breakdown of the figure indicates that N50.3 billion represents cash remittances, the compulsory deduction of 25% of revenue generated and other sundry payments for the absolute period of January-June 2022.”

He added that the remaining sum of N28.2 billion relates to the remittance with respect to other periods.

Koko said that, in the face of global economic and inflation crises, among other negative factors, the half-year operational statistics were encouraging.

He stated further: “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.”

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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