NPA Announces Impressive N501bn Revenue for 2023

NPA's Revenue Soars to N501bn in 2023

NPA's revenue soars to N501bn in 2023, a 39% increase from 2022, due to successful implementation of performance enhancement measures. Remittances to Consolidated Revenue Fund also grew, with tax payments to FG totaling $77.7m and N17.6bn. NPA's commitment to trade facilitation and revenue generation drives economic growth.

The Nigerian Ports Authority (NPA) has announced a significant increase in its annual revenue, reaching N501 billion in 2023, a substantial growth from N361 billion the previous year.

According to NPA's Managing Director, Mohammed Bello-Koko, this revenue growth can be attributed to the successful implementation of performance enhancement measures. He noted that the authority's revenue has been on a steady rise, from N317 billion in 2020 to N361 billion in 2022.

Notably, NPA's contributions to the Consolidated Revenue Account also saw an increase, rising from N80 billion to N91 billion over the past year. This demonstrates the authority's commitment to enhancing trade facilitation and revenue generation.

The NPA highlighted its remarkable performance, stating that it has successfully elevated Nigeria's leading trade facilitation platform, surpassing its impressive achievements in 2022. This growth is a testament to the authority's dedication to improving its services and contributing to the country's economic growth.

“The implementation of performance improvement measures resulted in unprecedented revenue generation and remittances to the Consolidated Revenue Fund of the Federation, with revenues steadily growing from N361 billion in 2022 to N501 billion as of December 2023,” it added.

Furthermore, the NPA disclosed that its tax payments to the Federal Government also experienced growth, with a total of $77.7 million and N17.6 billion paid at various times during the review period, demonstrating its commitment to contributing to the nation's revenue.