NPA Generates N1.02tn Revenue in Three Years

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By Eromosele Abiodun

The Nigerian Ports Authority (NPA) has announced that it generated total revenue of N1.02 trillion in three years under the tenure of its current Managing Director, Ms. Hadiza Bala-Usman.

The authority made this know via a tweet it posted on its official Twitter handle.

Analysis of the results showed that in 2016, the authority’s revenue went up to N182.42 billion against the N173.447 billion generated in 2015.

The positive revenue surge continued in 2017 when the authority generated a total of N259.99 billion, marking about 42 per cent increase compared to 2016.

In 2018, the revenue generation hit N282.42 billion while 2019 peaked at around N300 billion, making it the highest in the authority’s history.

The authority noted that its contribution to the Consolidated Revenue Fund Account had progressively increased since the current management took over in 2016.

In 2014, the NPA contributed N18.5 billion to the CRF, compared to 2013 when it contributed N13.1 billion.

The authority contributed N23.8 billion in 2016, compared to N18 billion it contributed to the CRF in 2015.

The above efforts manifested in the agency’s 2017 results as it declared a total revenue of N299.56 billion for the 2017 fiscal year.

The 2017 revenue, which exceeded the previous year’s by 84.65 per cent, was the highest generated by the agency in five years. The NPA had in a statement stated that the 2017 figure was made up of revenues from traffic, harbours, administrative and other sources in the sums of N136.04 billion, N66.80 billion, N86.06 billion and N10.75 billion, respectively.

Last year, NPA announced revenue of N67.19 billion for the three months ended March 31, 2019, representing 24.8 per cent of the N270.56 billion earned in 12 months ending December 31, 2018.

The agency’s financial profile (unaudited) showing revenue and remittances to the Consolidated Revenue Fund (CRF) obtained by THISDAY revealed that the NPA raked in the amount via operating revenue while other revenue and investment income, which forms a bulk of its revenue are yet to be available for the period under review.

Also, analysis of the agency’s six years’ revenue and remittances to CRF between 2013 and 2018 showed a quantum leap in revenue and remittances despite the downturn in ship and cargo traffic as a result of certain federal government policies that are discouraging importation.

The financial results showed that the NPA recorded consistent growth in revenue and remittances in the last three years compared to what was obtainable in the past.

A breakdown of the six years’ revenue and remittances showed that the NPA recorded revenue of N157.31 billion in 2013. Of the 2013 revenue, it made N137.9 billion through operating revenue and N15.08 billion, N1.24 billion from other revenue and investment income respectively. However, it remitted N13.17 billion.

In 2014, the agency recorded total revenue of N172.8 billion, N149.7 from operating revenue and N22.4 billion and N636.5 million from other revenue and investment income respectively. However, its remittance for the year, improved by a little over N4 billion to N18.56 billion.

In the year 2015 the agency’s revenue improved by N4.4 billion as it recorded revenue of N177.2 billion compared to N172.8 billion the previous year. However, its remittance for 2015 declined by N130 million as it remitted N18.43 billion as against N18.56 billion in 2014.

In 2016, the NPA’s revenue jumped by N5.1 billion as it recorded a revenue of N182.42 billion compared with N177.26 billion in 2015. The agency’s remittance for the year 2016 also jumped by N5.4 billion as it remitted a total of N23.87 billion as against N18.43 billion the previous year.

In 2017, the authority’s revenue went up by a massive N83.2 billion as it raked in N265.6 billion for the year ended December 31, 2017, as against N182.4 billion in 2016. The NPA recorded the highest remittance in its history in 2017, remitting N30.31 billion. This showed N6.44 billion increase over the N23.87 it remitted in 2016.

The revenue growth trajectory continued in 2018 with historic revenue of N270.56 billion almost twice it 2013 revenue and N4.9 billion increase over its 2017 revenue. However, its remittance to the CRF declined by N5.6 billion as it remitted a total of N24.65 billion compared with N30.3 billion remitted in 2017.