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The Nigerian Ports Authority (NPA) has put forward a proposed revenue target of N1.489 trillion for the 2026 fiscal year, alongside plans to overhaul Nigeria’s two busiest ports to improve efficiency and competitiveness.
The projection represents an increase of N21 billion from the N1.468tn benchmark set for 2025—a target the agency surpassed with total collections of N1.97tn.
NPA Managing Director, Abubakar Dantsoho, revealed the figures during the defense of the agency’s 2026 budget before the Senate Committee on Maritime Transport in Abuja.
According to him, the proposed revenue will be allocated across major expenditure areas, including N945 billion for capital projects, N447.5 billion for operational costs, and N90.6 billion allocated for remittances to the Consolidated Revenue Fund.
Dantsoho explained that the budget has a theme of “Consolidation, renewed resilience and shared prosperity,” with the modernization of Apapa Harbor and Tin Can Island Harbor as key initiatives.
“This comes as the port regulator prepares to lay the foundation stone for the modernization project of Apapa and Tin Can Island ports for effective global competitiveness,” he said.
He emphasized that both ports require urgent improvements, considering the age of the ports and limited capacity as the main challenges.
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“The Apapa and Tin Can Island ports are too old and too small to meet the needs of global competitors in the port business.
“Apapa Port is around 100 years old, while Tin Can is over 50 years old, with insufficient capacity and vessel capacity for modern operations.
“The groundbreaking for the modernization project will begin in two or three weeks,” he said.
Addressing concerns around the handling of revenues, the NPA boss reiterated compliance with the Treasury Single Account policy, stating that all funds are sent directly to the Central Bank of Nigeria.
“We don’t hold any funds. The Central Bank signs it, and we have to apply for funds whenever needed,” he explained.
In his remarks, Chairman of the Senate Maritime Transport Committee, Wasiu Eshinlokun, assured the authorities of legislative support, emphasizing a collaborative approach in oversight.
“Our aim is to work with you to strengthen institutional capacity, eliminate inefficiencies and ensure that every naira allocated is in the public interest,” he said.
The Apapa and Tin Can Island port redevelopment plans are expected to address long-standing capacity issues, improve vessel turnaround times, and position Nigeria’s maritime sector for increased trade activity amid increasing regional competition.
