The House of Representatives Committee on Finance has asked the Nigerian Port Authority, (NPA), to reconcile its account with the Fiscal Responsibility Commission, (FRC), which has a liability of N255 billion.
The NPA, according to the FRC, failed to submit its audited accounts for 2019 and 2020 and that the available account has a gross liability of N255 billion.
At the interactive session on the 2022-2024 Medium-Term Expenditure Framework, (MTEF), yesterday, in Abuja, the Committee ruled that the NPA should reconcile its accounts with FRC within two weeks.
The NPA, according to the FRC, failed to submit its audited accounts for 2019 and 2020, saying the available account has a gross liability of N255billion.
The Head of Monitoring of the FRC, Bello Gulmare, told the Committee that the NPA had not been keeping to date with the submission of its audited accounts.
In his response,Emeka Ezengwu, who represented NPA,said the calculation was based on a statistical analysis of trends in the sector. Heexplained that the FRC had an outdated account, hence the N255billion liability.
2019 has already been approved by the board, 2020 is ongoing. FRC has not done any reconciliation with the NPA for the past four years”, he clarified.
Reacting to the statement, Faleke said the Commission is the body statutory empowered by the constitution to monitor remittances.
The committee also frowned at the revenue targets given to the NPA and also queried how the NPA arrived at the revenue projections. The deputy chairman of the committee said the NPA should be given more ambitious revenue targets.
Ezengwu said the NPA was reviewing the concessionary agreements.
