Home Maritime NPA sets aside N14.3bn tripartite fund for Lekki deep seaport

NPA sets aside N14.3bn tripartite fund for Lekki deep seaport

Indications emerged weekend, that  the Nigerian Ports Authority (NPA) has set aside N14.3billion as part of its financial commitment to the ongoing construction of Lekki Deep Seaport in 2016.
The project is being executed  on a tripartite arrangement between the Federal Government, represented by the NPA, the Lagos State Government and private investors, represented by the Tolaram Group.
Besides, NPA also plans to pay N800million to the contractor in charge of the rehabilitation of its headquarters in Lagos.
The budget proposal further shows that N450million has been set aside to fence Warri seaport, while pilot simulation training centre is to gulp N150million.
NPA said its projected revenues and expenditure were prepared based on assumptions that the official exchange rate shall remain at N197 to the U.S. dollar.
However, sector analysts say the federal agency may recalibrate the exchange rate considering the prevailing Central Bank of Nigeria’s flexible exchange window introduced recently which has forced the Nigerian Customs to recalibrate to a whooping N331 exchange for dollar instead of N197.

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