Nigerian Ports Authority generated N172.285bn in six months

The Nigerian Ports Authority (NPA) said it has generated a revenue of N172,285,626,312.00 from its operations in the first half of 2022.

The Authority also said N78,496,966,862.20 has been remitted to the Consolidated Revenue Fund (CRF) of the federation within the same period.

These were contained in a half-year 2022 operational report released by the Managing Director of the Authority, Mr. Mohammed Bello Koko.

Koko said: “The Authority generated total revenue of N172,285,626,312.00 and remitted to the Consolidated Revenue Fund (CRF) with the sum of N78,496,966,862.20.

Giving a breakdown of the money remitted, Koko said: “A breakdown of the figure indicates that N50,255,925,779.20 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 N28,241,041,083.00 relates to the remittance concerning other periods.”

Koko described the performance of the authority as encouraging amidst global economic and inflation crises.

According to him: “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.