NPA to pay govt. N6.3bn as operating surplus

The Nigerian Ports Authority (NPA) is due to pay N6.3 billion as operating surplus for year 2007 and 2008 into the federation account, Mr Victor Muruako, acting Chairman, Fiscal Responsibility Commission (FRC), has said.

Muruako made the disclosure on Monday in Abuja at a roundtable with the management staff of the NPA to reconcile and address certain discrepancies in the audited financial statements of the organisation.
He said past management of NPA failed to remit 80 per cent of its operating surplus into the Consolidated Revenue Fund.

He said that it was important that government agencies should not shortchange the federal government in its efforts to generate funds to execute the transformation agenda of President Jonathan.

“In the process of monitoring the compliance of the NPA to the Fiscal Responsibility Act, we observed that the former management of the authority has failed to prepare and publish its audited financial reports for  2012 and 2013.
“It has not remitted the N3.79 billion to the Consolidated Revenue Fund being the balance of the NPA’s operating surplus for 2007.
“The NPA has also not remitted N2.52 billion into the Consolidated Revenue Fund being the balance of its operating surplus for 2008,” he said.

Muruako said the NPA was owing this much because the former management does not understanding the concept of operating surplus.
He howver commended the new management of the Authority for its efforts so settle all debts owed the federation by its predecessors.
Meanwhile, NPA Director of Finance and Administration, Mr Oduntan Olumide has reiterated the commitment of the new management of the authority to pay the remaining N6.3 billion.

He said the management had fashioned out payment strategy to settle the backlog of debts owed by the organisation.

“In trying to offset some of our debts to the federal government in 2012 alone, we paid N15 billion into the federation’s account.
“That was the first time the NPA is making such huge payment. Before that, what we usually remit is between N465 to N470 million.
“The NPA has opened a special account in which N300 million will be paid into it monthly.

“The purpose of this is to pay the remaining balance of whatever we are owing,” he said

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