House committee lauds NPA on funds handling

Oil & Gas
Proshare - Facebook Proshare - Twitter Proshare - Linked In Proshare - WhatsApp

The House of Representatives Committee on Marine Transportation, which received, scrutinised and adopted the half year reports of the Nigerian Ports Authority (NPA), has lauded the management of the authority for prudence and transparent handling of public funds.

The NPA’s image-meker, Assistant General Manager, Musa Iliya, highlighted that the Chairman, House Committee on Marine Transport, Honourable Ifeanyi Ugwuanyi, specifically commended the authority for “upholding the tenets of transparency and accountability in the utilisation of public funds.

“Honourable Ugwuanyi has always maintained that budgetary provisions as approved by the National Assembly ‘are constitutional and, therefore, sacrosanct,’ hence a good reason for the committee to maintain routine monitoring of public expenditure,” observed the image-maker, who posited that NPA actually met the high expectation of the House.

According to the Executive Director, the capital expenditure of the authority would provide for the acquisition of necessary working tools, marine crafts and wreck removal and equipment as well as the provision of conducive working environment to facilitate the realisation of the vision.

The committee, according to Iliya, was particularly impressed by the authority’s Executive Director, Finance, Mr. Atekoja’s presentation which showed that NPA had generated N46 billion out of the projected revenue of N57 billion for the half year; whereas the organisation has made provisions for a total expenditure profile of N69.5 billion, and the management merely incurred only N22 billion within the same period.

“The Executive Director explained that the global meltdown and the attendant credit squeeze had affected the revenue generation capacity of the authority, in relation to traffic and harbours dues which were dependent on international trade,” he said, noting that the late approval of the authority’s 2009 budget had equally delayed its capital expenditure projection, hence not much was expended in the provision.

Meanwhile, the NPA has remitted the sum of $10 million to the Federation Account as part of its operating surplus, in addition to settling all its current tax obligations with the Federal Inland Revenue Service (FIRS).

(Source:Nigerian Tribune)

Related News