NPA Aims for N1.489trn Revenue and Plans Port Modernization in Lagos

The Nigerian Ports Authority (NPA) aims to generate N1.489 trillion as its Internally Generated Revenue (IGR) for the fiscal year 2026, which is N21 billion more than the N1.468 trillion goal achieved in 2025.

This new revenue target coincides with the upcoming commencement of modernization projects at the Apapa and Tin Can Island ports, intended to improve the ports' competitiveness in the global market.

Dr. Abubakar Dantsoho, the Managing Director of the NPA, shared these projections on Monday during the Senate Committee on Marine Transport's budget defense session for 2026.

In his presentation, Dantsoho highlighted that the total revenue target of N1.489 trillion represents an increase of N21 billion from the previous year’s goal of N1.468 trillion.

He emphasized that the agency not only met its targets but exceeded them, collecting a total of N1.97 trillion in 2025.

For the projected N1.489 trillion in revenue for 2026, Dantsoho allocated N945 billion to capital projects, N447.5 billion to operational costs, and N90.6 billion for contributions to the Consolidated Revenue Fund (CRF).

The budget is centered around the principles of "Consolidation, Renewed Resilience, and Shared Prosperity," with the modernization of Apapa and Tin Can Island ports being key projects aimed at generating extra revenue.

Dantsoho pointed out that both ports are outdated and lack the capacity required to meet the demands of global industry standards, stating, "Apapa Port is approximately 100 years old, and Tin Can is over 50 years old, with insufficient size and capabilities for modern shipping operations. Groundbreaking for improvement works will begin in two to three weeks."

Regarding the Treasury Single Account (TSA), he explained that all revenue generated by the NPA is directly deposited into an account managed by the Central Bank of Nigeria (CBN).

"The NPA does not keep any funds. The Central Bank operates the account, and we must request funds as needed," he added.

Senator Wasiu Eshinlokun, Chairman of the Committee, remarked that their role is to work in partnership with the NPA rather than to be confrontational.

"Our aim is to collaborate to enhance institutional effectiveness, remove inefficiencies, and ensure all funds allocated are utilized for the public benefit," the Senator concluded.