NPA Targets N1.489tn, Plans Port Upgrades

The Nigerian Ports Authority (NPA) has set a target of N1.489 trillion as internally generated revenue for the 2026 fiscal year, representing an increase of N21 billion over the N1.468 trillion targeted and surpassed in 2025.

The ports regulator is also set to commence the groundbreaking of modernisation projects at Apapa and Tin Can Island ports to enhance global competitiveness.

The managing director of NPA, Dr. Abubakar Dantsoho, disclosed this on Monday during the 2026 budget defence session with the Senate Committee on Marine Transport.

Presenting the 2026 budget proposal, Dantsoho said the total revenue projection of N1.489 trillion is N21 billion higher than the N1.468 trillion targeted and exceeded in 2025, noting that the agency recorded N1.97 trillion in revenue collection last year.

According to him, out of the projected N1.489 trillion revenue for 2026, N945 billion is earmarked for capital projects, N447.5 billion for operating expenses, and N90.6 billion for remittance into the Consolidated Revenue Fund.

He explained that the budget is anchored on the mantra, “Consolidation, Renewed Resilience and Shared Prosperity,” with the modernisation of Apapa and Tin Can Island ports as flagship projects to boost revenue.

“Apapa and Tin Can Island ports are very old and too small to meet the demands of global competition in the ports business.

“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old, with inadequate capacity in size and vessel handling for modern operations.

“Groundbreaking for their modernisation will commence in two to three weeks,” he said.

On the Treasury Single Account (TSA), he said all revenues generated by the NPA are paid directly into accounts controlled by the Central Bank of Nigeria.

“We do not retain any funds. The Central Bank is the signatory, and we must apply for funds whenever needed,” he explained.

In his remarks, the chairman of the committee, Senator Wasiu Eshinlokun (Lagos Central), said the committee’s oversight of the NPA is not adversarial but collaborative.

“Our goal is to work with you to strengthen institutional capacity, eliminate inefficiencies, and ensure that every naira appropriated serves the public interest,” he said.