The Managing Director of the Nigerian Ports Authority, Mohammed Bello-Koko, has given reasons why the reconstruction of some of the country’s seaports may gulp $800m
Speaking in an interview with Channels Television over the weekend, Bello-Koko disclosed that if the agency decided not to reconstruct Apapa Port, it would spend less than that amount.
He, however, added that there was the need to reconstruct other ports.
Bello-Koko said that the agency had increased its revenue to N361bn from N260bn, stressing that its contribution to Consolidated Revenue Fund had increased to N91bn.
“Our estimate currently is between $560m and $800m. Now that gap is because if we decide to leave Apapa to some other time, we do not need $800m but we need to also reconstruct TinCan, as we are reconstructing other places; we need about $800m. We have increased our revenue from N260bn to now N361bn. Our contribution to CRF has increased to N91bn and we believe that this year we will do far better than that,” he explained.
Bello-Koko noted that though there was no imminent collapse in the ports if nothing was done in the next few years, there will be problems.
“The port of TinCan is collapsing. There is no imminent collapse but in the next few years, if nothing is done, there will be problems.