NPA budgets N14.3bn for Lekki deep seaport

The Nigerian Ports Authority (NPA) has set aside N14.3billion as part of its financial commitment to the ongoing construction of Lekki Deep Seaport in 2016. This is contained in NPA’s 2016 Budget and proposed capital project. The project is being built on a tripartite arrangement between the Federal Government, represented by the NPA, the Lagos State Government and private investors, represented by the Tolaram Group.

NPA also plans to pay N800million to the contractor in charge of the rehabilitation of its headquarters in Lagos.

A further breakdown of the budget proposal shows that N450million has been set aside to fence Warri Port while pilot simulation training centre is to gulp N150million.

NPA said its projected revenues and expenditure were prepared based on assumptions that the official exchange rate shall remain at N197 to the U.S. dollar.


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