The Nigerian Ports Authority (NPA) managing director, Mohammed Bello-Koko, says the agency is expected to generate N629.89 billion in 2024 while asking for a N200 billion loan from Afrexim Bank.

Mr Bello-Koko stated this while defending the 2024 budget before the House of Representatives Committee on Port and Harbour in Abuja on Thursday.

He said the United Kingdom Export Finance (UKEF) was also listed as one of the financial institutions to source the loan.

Mr Bello-Koko said the total projected expenditure was N464.32 billion, while the operating expenses were projected at N212.03 billion, and the capital expenditure stood at N252.29 billion.

The managing director said, ” Part of the main thrust of the 2024 budget is the urgent need to rehabilitate, reconstruct, and moderate the dilapidated port infrastructure facilities.”

He explained that the facilities’ defects were hampering efficiency and productivity in the ports, including the quay walls and the replacement of old gravity walls.

According to him, another is the need for rehabilitation of Escravos breakwaters.

According to him, this aims to improve port efficiency and increase cargo traffic through investment funding from the financiers, UKEF and Afrexim.

The committee chairman, Rep. Nnolin Nnaji, said the agency is very dear to the country, hence the need for the committee to visit some of the facilities outside Lagos.

“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, ” he said.

He commended the managing director for the budget presentation, saying he believed in the subsequent budget, the managing director would do better,

“We accept this budget and will move further with it,’’ Mr Nnaji said.

The lawmaker also said the drainage channels were full of wreckage and expressed concern over the lack of removal information.

Mr Nnaji, however, said that as long as the NPA avoids the wreckage, it will continue to occur because of the abandoned ships. He urged the NPA to look into it. 

(NAN)