The Nigerian Ports Authority (NPA) has explained to the Senate Committee on Public Accounts its debt of N1 billion.
The committee had said the money was not clarified in the report of the Auditor General of the Federation.
The NPA also made clarification on the $852,093,731.10 cited in the Auditor General of the Federation’s report being circulated in the media.
It explained that $232,354,156.43 out of the sum had been recovered.
NPA’s Managing Director Mohammed Bello-Koko gave the explanation when he appeared before the committee.
The agency boss said the House Committee on Public Accounts had, during the Ninth Assembly, verified the money and given the authority a clean bill of health.
Bello-Koko said the differences between the position of the Senate and House of Representatives Public Accounts Committees arose from the continuous repetition of money dating back to Year 2006 concession of the authority.
He said the current NPA management had accounted for the money but that it was not expunged from its books.
Speaking when he appeared before the Senate Committee on Public Accounts, Bello-Koko said;
“Most of the debts date back decades. I mean legacy debts from companies like Nigerian National Shipping Line (NNSL) Limited and from the pre-concession period.
“But we have been carrying these debts in our books and we have been impairing the amounts, thereby making provisions for all such debts. We have written to the Auditor General of the Federation on the procedure to take them out of our books and solicited the support of the Senate Committee in this regard.”
The NPA managing director assured the Senate Committee on Public Accounts that “in the spirit of public accountability, we will always be open to give account”.