The Nigerian Ports Authority (NPA) has set a revenue target of N1.489 trillion for the 2026 fiscal year, representing an increase of N21 billion over the N1.468 trillion target for 2025.
The managing director and chief executive officer of the agency, Dr Abubakar Dantsoho, disclosed this Tuesday in Abuja while presenting the proposed 2026 budget and a review of the 2025 performance before the House of Representatives Committee on Ports and Harbours.
He noted that out of the N1.468 trillion revenue target for 2025, the authority was able to realise N1.19 trillion, highlighting the need to strengthen revenue generation strategies in the coming year.
Dantsoho explained that the proposed N1.489 trillion revenue for 2026 would be supported by improved port operations, infrastructure upgrades and enhanced efficiency across the system.
A breakdown of the 2026 budget proposal shows that N945 billion has been allocated for capital projects, while N447.5 billion is earmarked for operating expenses, with N90.6 billion to be remitted into the Consolidated Revenue Fund (CRF).
He stated that a significant portion of the capital expenditure would be dedicated to the modernisation of Apapa and Tin Can Island ports, aimed at boosting Nigeria’s competitiveness in global maritime trade.
The NPA boss commended the National Assembly for approving the proposed loan for the rehabilitation of the two major Lagos ports, noting that the projects would enhance capacity and drive increased revenue.
According to him, Apapa Port, which is over 100 years old, and Tin Can Island Port, which is more than 50 years old, are no longer adequate for modern port operations due to limited capacity and outdated infrastructure.
He disclosed that groundbreaking for the modernisation projects is expected to commence within the next two to three weeks, adding that construction activities in Lagos would lead to the strategic diversion of vessels to eastern ports.
The Chairman of the House Committee on Ports and Harbours, Hon. Nnolim Nnaji, had earlier stressed that appropriation remains a vital tool for socio-economic development, adding that the committee would soon undertake oversight visits to major ports to assess rehabilitation, concessioning and overall performance of the NPA.
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