By Olusegun Lawrence Nigerian Ports Authority (NPA) did not remit a whopping N713 billion into the Federation Account between 2009 and 2014, National Conference Committee on Public Finance disclosed in its report presented at plenary on Monday.
The report shows that in 2009, it generated N91 billion but remitted N5.2billion, in 2010, it generated N102 billion remitted N3.5 billion, in 2011, it generated N120 billion remitted N1billion, in 2012, it generated N128 billion but remitted N17.8billion, it generated N131 billion in 2013 and remitted N3.2billion, in 2014 N172 billion was generated so far.
The Chairman of the Committee, Adamu Aliero, while presenting the report noted that the NPA operates under what he described as ambiguous and unclear framework regarding concessioning agreement.
According to the Chairman, the management of the NPA explained that chunk of the revenue realised during the period was expended on cost of operation and capital expenditure.
The committee therefore recommended that the concession agreement should be revisited.
