The Managing Director of the Nigerian Ports Authority, Mr. Mohammed Bello-Koko, projected that the agency would generate N629.89 billion in revenue for 2024.
At the same time, requested a loan of N200 billion from Afrexim Bank, according to nairametrics.
This was disclosed by Bello-Koko during the defense e of the 2024 budget in front of the House of Representatives Committee on Port and Harbour in Abuja on Thursday.
He stated that the total projected expenditure for this year was N464.32 billion in terms of budget breakdown. In this context, the operating
costs were projected at N212.03 billion and capital expenditure was set at N252.29 billion respectively.
He noted that the UK Export Finance was one of the financial institutions included in the loan acquisition list.
He underlined the importance of the rehabilitation of the Escravos breakwaters, which has a role to play in enhancing port efficiency and increasing cargo traffic. This effort is looking for investment capital from financial institutions such as the United Kingdom Enterprise Fund and Afrexim.
The Chairman of the Committee, Senator Nnolin Nnaji, pointed out that this agency is vital to the country’s development. Consequently, he pointed out that the Committee was obliged to inspect facilities beyond Lagos.
He stated, “We need to see those things you are telling us. The House of Representatives is very serious about budget defence, while they do screening on the other side, budget defence is here.
“We accept this budget, and we will move further with it.”
The legislator called for information on the removal of wreckage, as well as concerns about flooded drainage channels and a lack of information.
Nnaji argued that as long as the Nigerian Ports Authority continues to neglect the wreckage, the problem will persist due to the presence of abandoned ships.
