The Nigerian Ports Authority (NPA) has set a revenue target of N1.489 trillion for the 2026 fiscal year. This represents a slight increase of N21 billion over the N1.468 trillion target for 2025, which the agency exceeded with a revenue of N1.97 trillion.
The NPA's managing director, Abubakar Dantsoho, revealed the agency's plans to modernise Apapa and Tin Can Island ports during a budget defence before the Senate Committee on Marine Transport. The modernisation is aimed at enhancing the ports' global competitiveness and boosting revenue.
According to Dantsoho, N945 billion of the projected revenue will be allocated for capital projects, while N447.5 billion will cover operating expenses and N90.6 billion will be remitted into the Consolidated Revenue Fund (CRF). The budget is anchored on the theme of "Consolidation, Renewed Resilience and Shared Prosperity."
The NPA plans to commence groundbreaking projects for the modernisation of Apapa and Tin Can Island ports within the next two to three weeks. The ports are old and no longer adequate for modern global port operations, with Apapa Port being over 100 years old and Tin Can Island Port over 50 years old.
The NPA has also implemented a system where all revenues generated are paid directly into the Treasury Single Account (TSA) managed by the Central Bank of Nigeria (CBN). The agency does not retain any funds and must apply for funds whenever needed.
The Senate Committee on Marine Transport has expressed its commitment to working with the NPA to strengthen institutional capacity, eliminate inefficiencies, and ensure that every naira appropriated serves the public interest.
The NPA's ambitious revenue target for 2026 is a testament to the agency's determination to improve its operations and contribute to the nation's economic growth. However, the success of this target depends on the effective implementation of the modernisation plans for Apapa and Tin Can Island ports. The NPA's decision to pay all revenues directly into the TSA is a step in the right direction towards transparency and accountability. The agency's commitment to strengthening institutional capacity and eliminating inefficiencies is also commendable. The success of these efforts will have a direct impact on the lives of Nigerians who rely on the ports for their livelihoods.
