The Nigerian Ports Authority (NPA) has set a revenue target of N1.489 trillion for the 2026 fiscal year, slightly above the N1.468 trillion benchmark it exceeded in 2025.
The Managing Director/Chief Executive Officer of the agency, Abubakar Dantsoho, disclosed this on Tuesday while presenting the proposed 2026 budget and a review of the 2025 performance to the House of Representatives Committee on Ports and Harbours.
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He explained that although the 2025 target stood at N1.468 trillion, the authority recorded an actual revenue of N1.19 trillion.
Mr Dantsoho said the 2026 projection of N1.489 trillion represents an increase of about N21 billion over the previous target. He added that of the proposed figure, N945 billion is allocated to capital projects, N447.5 billion to recurrent expenditure, and N90.6 billion for remittance to the Consolidated Revenue Fund.
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The NPA boss noted that the revenue outlook is tied to ongoing and planned port modernisation projects, particularly at Apapa and Tin Can Island ports, aimed at improving efficiency and boosting global competitiveness.
He commended the National Assembly for approving a loan facility to support the rehabilitation of the two ports, describing the intervention as critical to enhancing capacity and increasing revenue generation.
According to him, both facilities are outdated and operating below modern standards. Apapa Port, he said, is about a century old, while Tin Can Island Port is over 50 years old, with limited capacity to handle contemporary shipping demands.
Mr Dantsoho added that groundwork for the modernisation projects is expected to begin within weeks.
He said, “Apapa and Tin Can Island ports are very old and small for required global competitors in ports business. Apapa Port is about 100 years old while Tin Can is over 50 years with inadequate capacities in size and vessels containments for modernised operations. Ground breaking of projects on their modernisation will commence in two or three weeks time.
He further explained that construction activities in Lagos ports would necessitate the temporary diversion of some vessels to eastern ports, a move he said could stimulate maritime activities in other parts of the country.
Earlier, Chairman of the committee, Nnolim Nnaji (APC, Enugu), stressed the importance of appropriation as a key instrument for national development.
Mr Nnaji said the committee would soon commence oversight visits to major ports nationwide to assess infrastructure, rehabilitation efforts, and concession arrangements.
He welcomed the renewed attention to Apapa and Tin Can Island ports, describing them as critical assets in the country’s maritime sector.
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“We are also happy that the major infrastructural backbone of NPA, the Apapa and Tincan ports, are now receiving attention.
“We are also going to look at what we are doing with regards to port rehabilitation, concessioning, and what we are doing with regards to so many other things at NPA.”
