NFA Pays K60mil Again in Dividends

By : The National


THE National Fisheries Authority (NFA) paid another K60 million in dividends to the Government in Port Moresby on Friday.

It paid K60 million earlier this year.

Fisheries Minister Patrick Basa handed the cheque to Chief Secretary Isaac Lupari who stood in for Treasurer and Deputy Prime Minister Charles Abel.

Basa said the K60 million was the second batch of dividends which NFA was paying in the 2017 fiscal year.

“Similar to other State-owned enterprises (SOEs), NFA is required to pay dividends to the Government.

“Since the restructure and reorganisation of NFA in 2001, the authority has paid K396,250,000 as dividends to the Government.”

Basa said the National Fisheries Authority has ceased paying dividends in 2008, 2010 and 2011 as per the Government directions for the surplus funds to be invested in impact fisheries projects to grow the industry and develop coastal as well as aquaculture fisheries. “In 2012, NFA resumed paying dividends to the Government. In 2017 fiscal year, NFA, will be paying K150 million in dividends,” he said.

“NFA has already paid K60 million to the Government. We are now paying K60 million and the remaining K30 million will be paid before the end of the year.”

Managing director John Kasu said NFA was a self-financing government authority that generated its funding through statutory and access fees from the fishing industry.

“These fees form the bulk of our revenue which the authority funds and maintains its operations as well as funds impact fisheries projects such as the coastal fisheries development agencies, inland fish farming, funding fisheries colleges, funding and building jetties, fish markets and other projects to meet the Government’s goals and objectives,” Kasu said.
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