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Tuesday , February 20 2018
Home » BUSINESS » 2017: NPA to spend N278bn of N288bn revenue

2017: NPA to spend N278bn of N288bn revenue

The Nigerian Ports Authority has projected N288bn revenue for the 2017 fiscal year and plans to spend N278bn on recurrent and capital expenditures, leaving only N10bn for the Federal Government.

The NPA also proposed a surplus of N8bn in 2017.

These figures were made known by the Senate Committee on Marine Transport in its report on the 2017 budget proposals by the NPA, Nigerian Maritime Administration and Safety Agency, Nigerian Shippers’ Council, Nigerian Inland and Waterways Authority, Maritime Academy of Nigeria Oron, and the Council for the Regulation of Freight Forwarding in Nigeria.

The President of the Senate, Bukola Saraki, had decried that several departments and agencies of the Federal Government were spending “all or most” of their revenues.

He stated that it was necessary for revenue generating agencies to live up to their mandates, stressing that this would reduce the need for borrowing by the government.

In the report, which was adopted at the Senate on Tuesday, the panel said the 2016 revenue target of the NPA was N201,146,319,843, “out of which N174,009,312,695, representing 86 per cent, was realised and expended.”

According to another report by the Committee on Finance on the 2017 budget proposal by the Federal Inland Revenue Service, which was also adopted by the Senate, out of the N153.4bn expected four per cent cost of non-oil collection, the service proposed to spend N152,897,252,696 for 2017, with a budget surplus of N548,104,277.

The personnel cost of the service was put at N75,812,293,039 (49.58 per cent); overhead cost, N46,001,530,533 (30.09 per cent); and capital, N31,083,429,124 (20.33 per cent).

The 2017 budget of the FIRS, the report stated, was focused on capacity to increase the Value Added Tax and non-oil revenue.

“Principally, VAT is expected to grow from N828bn to N1.8tn, which is over 125 per cent,” it said.

 

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