NPA To Pay Govt. N6.3 Bn As Operating Surplus --- Fiscal Commission

Owes federation N6.3bn as operating surplus for 2007, 2008 ---- Commission
"We have opened a special account in which N300 million will be paid into it monthly – NPA
 

The acting Chairman of Fiscal Responsibility Commission (FRC); Mr Victor Muruako has disclosed that  the Nigerian Ports Authority (NPA) is owing the federation N6.3 billion as operating surplus for years 2007 and 2008.
Muruako made the disclosure yesterday 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 told the NPA delegates to the account reconciliation meeting that it was unfair for the NPA, a major non-oil revenue agency of the federal government to fail in its duty of remitting 80 per cent of its operating surplus into the Consolidated Revenue Fund.

The NPA team was led by its executive director, finance and administration; Mr Olumide Oduntan.
But apparently miffed, the FRC boss  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 Revenye 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 however commended the new management of the Authority for its efforts so settle all debts owed the federation by its predecessors.
But in his defence, NPA’s Executive Director of Finance and Administration; Mr Oduntan  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.http://shippingposition.com.ng/article/npa-pay-govt-n63-bn-operating-surplus-fiscal-commission