2026 Budget: NPA Targets N1.489 Trillion Revenue, Moves to Update Ageing Lagos Ports

Sunday Aborisade in Abuja

The Nigerian Ports Authority (NPA) has projected N1.489 trillion as internally generated revenue for the 2026 fiscal year, even as it concluded plans to commence the long-awaited modernisation of Apapa and Tin Can Island ports to boost efficiency and global competitiveness.

The Managing Director of NPA, Dr. Abubakar Dantsoho, disclosed this on Monday at the National Assembly, during the agency’s 2026 budget defence before the Senate Committee on Marine Transport.

He said the 2026 revenue target represents an increase of N21 billion over the N1.468 trillion target set for 2025, which the authority not only met but exceeded with an actual revenue performance of N1.97 trillion.

Providing a breakdown of the 2026 proposal, Dantsoho said N945 billion is earmarked for capital projects, N447.5 billion for operating expenses, while N90.6 billion would be remitted into the Consolidated Revenue Fund.

He explained the budget is driven by a strategic focus on “consolidation, renewed resilience and shared prosperity,” with the modernisation of Apapa and Tin Can Island ports identified as flagship projects critical to achieving higher revenue generation.

According to him, both ports, being Nigeria’s busiest maritime gateways, have become outdated and inadequate for the demands of modern shipping and port operations.

“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old. Their capacities in terms of size and vessel accommodation fall short of what is required for competitive global port operations,” he said.

Dantsoho added that groundwork for their upgrade is imminent.

“The groundbreaking for the modernisation projects will commence within the next two to three weeks,” he stated.

On revenue management, the NPA boss reiterated the agency’s strict compliance with the Treasury Single Account (TSA) policy, noting that all revenues generated by the authority are domiciled with the Central Bank of Nigeria.

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

In his remarks, Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshinlokun, emphasised the committee’s oversight function is aimed at strengthening the NPA rather than confronting it.

“Our engagement is not adversarial but collaborative. Our objective is to enhance institutional capacity, eliminate inefficiencies, and ensure that every naira appropriated is deployed in the public interest,” he said.

The proposed port modernisation is widely seen as a critical step towards repositioning Nigeria’s maritime sector, improving cargo handling capacity, and enhancing the country’s competitiveness in global trade.