National Conference Public Finance Committee uncovers Unremitted N713b
Adetokunbo Fakeye
National Conference Committee on Public Finance has uncovered unremitted N713 billion by the Nigeria Port Authority between 2009 and 2014.
Senator Adamu Aliero, who read the committee report observed that Port Authority operates under an ambiguous and unclear framework due to lack of information on the form and content of concessioning agreement.
According to the report, in 2009, the NPA generated N91 billion but remitted N5.2 billion, In 2010, it generated N102 billion but remitted N3.5 billion, while in 2011, it generated N120 billion, whereas only N1 billion was remitted.
It stated further that, in 2012, the Federal Government agency generated N128 billion but remitted only N17.8 billion.
In 2013, it generated N131 billion and remitted N3.2 billion, while in the ongoing year, N172 billion has been generated so far.
The report also revealed that the level of remittance when compared to revenue generated is ridiculously low and unstable in spite of the Authority’s explanation that a large percentage of the revenue was expended on operating cost and capital expenditure.
The committee in the report recommended that the concession agreement should be revisited.