The Nigerian Shippers Council (NSC) has revealed that it saved the nations economy N33,116,861,421.99 from unnecessary demurrage payments, freight rates, and charter party fees at the nations ports between 2019 and 2023.

This is even as the Council also said that it recovered N6,138,288,645.19 from issues bordering on arbitrary charges, container deposit refunds, and import and export fraud between 2019 and 2023.

When the House of Representatives Committee on Shipping Services paid the agency an oversight visit at the weekend, the NSC revealed that N29,861,848,935.66 was saved on demurrages at the nations port between 2019 and 2023.

According to a document presented during the oversight visit, As a result of the confirmation of reasonableness of freight, charter party, and demurrage remittances, the Nigerian Shippers Council (NSC) has been able to reduce the level of capital flight out of the country.

The total amount saved through the confirmation of reasonableness of demurrage, freight rate, and charter party is N33, 116, 861, 421. 99.

A breakdown of the savings revealed that N29,861,848,935.66 was saved from confirmation of the reasonableness of the demurrage fee, while N3,205,000,552.70 was saved from the reasonableness of Charter Party fees.

In the area of confirmation of reasonableness of freight rates, the Council saved N50,011,933.63 between 2019 and 2023, making up a total of N33, 116, 861, 421.99 saved from confirmation of demurrage, freight rate, and charter party in the period under study.

Also, the document revealed that the Council saved the nation N58.4 billion from interventions in legal cases, out-of-court settlements, and Ports Standing Task Team (PSTT) vessel demurrage savings and fines between 2021 and 2023.

A breakdown of the monies saved from interventions in legal cases and out-of-court settlements showed that the Council saved N49,000,000,000.00 in three years.

For PSTT vessel demurrage savings, the Council saved N2,766,700,000.00 in 2021, N3,175,500,000.00 in 2022, and N3,179,661,000.00 in 2023, totaling N9,121,861,000.00.

In the area of fines, the PSTT slammed N1,023,000.00 on errant operators during its Operation Free the Port Corridor between 2021 and 2023.

For issues bordering on arbitrary charges, container deposit refunds, and import and export fraud, the NSC said it recovered N6,138,288,645.19 between 2019 and 2023.

The Council receives complaints from regulated service providers and users through the Port Service Support Portal (PSSP). The complaints include arbitrary charges, container deposit refunds, and import and export fraud, among others.

The total amount saved and recovered through complaint handling over a period of five years (2019-2023) is N6,138,288,645.19, the NSC document exclusively obtained by the Nigerian Tribune revealed. (Sunday Tribune)