The Nigerian Ports Authority (NPA) has presented a proposed revenue target of N1.489 trillion for the 2026 fiscal year, alongside plans to overhaul two of Nigeria’s busiest seaports to enhance efficiency and competitiveness.
The projection represents a N21bn increase from the N1.468tn benchmark set for 2025—a target the agency exceeded with total collections of N1.97tn.
Managing Director of the NPA, Abubakar Dantsoho, disclosed the figures during the agency’s 2026 budget defence before the Senate Committee on Marine Transport in Abuja.
According to him, the proposed revenue will be allocated across major spending areas, including N945bn for capital projects, N447.5bn for operational costs, and N90.6bn earmarked for remittance into the Consolidated Revenue Fund.
Dantsoho explained that the budget is anchored on the theme, “Consolidation, renewed resilience and shared prosperity,” with the modernisation of Apapa Port and Tin Can Island Port serving as flagship initiatives.
“This is as the ports regulator is set for the groundbreaking of projects on the modernisation of Apapa and Tin Can Island ports for effective global competitiveness,” he said.
He emphasised that both ports require urgent upgrades, citing their age and limited capacity as key challenges.
“Apapa and Tin Can Island ports are very old and small for the required global competitors in the ports business.
“Apapa Port is about 100 years old, while Tin Can is over 50 years old, with inadequate capacities in size and vessel containment for modernised operations.
“Groundbreaking of projects on their modernisation will commence in two or three weeks,” he said.
Addressing concerns around revenue handling, the NPA boss reaffirmed adherence to the Treasury Single Account policy, noting that all funds are remitted directly to 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, Chairman of the Senate Committee on Marine Transport, Wasiu Eshinlokun, assured the authority of legislative backing, stressing a collaborative approach to oversight.
“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.
The planned redevelopment of Apapa and Tin Can Island ports is expected to tackle longstanding capacity issues, improve vessel turnaround times, and position Nigeria’s maritime sector for increased trade activity amid growing regional competition.
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