The Nigerian Ports Authority has denied an allegation that it failed to remit N713bn into the Federation Account since 2009.
A statement by the Assistant General Manager Public Affairs, NPA, Mr. Musa Iliya, dismissed the allegation by the National Conference Committee on Public Finance as untrue.
“Ordinarily, the management would not have reacted to this misinformation but considering the misperception it may cause amongst the wider public, we are constrained to put the records straight.
“The NPA, established by the Nigerian Ports Authority Act, Cap N126 LFN, 2004, has the power to construct, equip, operate and provide seaport services to the general public.
“Essentially, the NPA is to be the commercial arm of the government, which like any other business, makes profit before remitting its operating surplus to the government, being the owner.
“In pursuance of the above, the NPA was given financial autonomy under Sections 13 and 14 of the Ports Act to apply its revenue towards carrying out the operations, development of ports and purchasing of equipment before remitting the surplus to government,” the statement said.
The NPA added that Section 15 allowed it to apply its surplus revenues for the development of the ports.
It said only the revenue surpluses were remitted after meeting all operational, maintenance, development and administrative costs as appropriated by the National Assembly under Section 81 of the Constitution in each year.