• demands 200billion loan from Afrexime bank
By Christiana Ekpa
The Managing Director of the Nigerian Port Authority (NPA), Mohammed Bello-Koko, says the agency is expected to generate N629.89 billion in 2024 while asking for a N200 billion loan from Afrexime Bank.
The United Kingdom Export Finance (UKEF) is also listed as one of the financial institutions to source the loan.
Bello-Koko said this while defending the 2024 budget before the House of Representatives Committee on Port and Harbour in Abuja on Thursday.
He added that the total projected expenditure is N464.32 billion, while the operating expenses are projected at N212.03 billion, and the capital expenditure stood at N252.29 billion.
He said, “part of the main trust of the 2024 budget is the urgent need to rehabilitate, reconstruct, and moderate the dilapidated port infrastructure facilities.”
He added that the defects in the facilities were hampering efficiency and productivity in the ports, adding that the defects include the Quay Wall and the replacement of old gravity walls.
Others are rehabilitation of escravos breakwaters.
He added that it was aimed at improving port efficiency and increasing cargo traffic through investment funding from the financiers, UKEF and Afriexim.
Rep. Nnolin Nnaji, the Chairman of the Committee, said the agency is very dared to the country, adding that the committee needed 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 defense, while they do screening on the other side. Budget defense is here.”
He commended the MD for the budget presentation, saying,” I believe in the subsequent budget, the MD would do better, “We accept this budget, and we will move further with it.
The committee also said the drainage channels were full of wreckage, expressing worry over a lack of information on wreckage removal.
The committee said as long as the NPA avoids the wreckage, it will keep occurring because of the abandoned ships, urging the NPA to look into it.
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