NPA proposes N1.489tn revenue for 2026, upgrades Apapa, Tin Can ports

The Nigerian Ports Authority (NPA) has projected N1.489 trillion as internally-generated revenue for the 2026 fiscal year, representing an increase of N21 billion over the N1.468 trillion targeted and surpassed in 2025.

The ports regulator also disclosed plans to commence the modernisation of Apapa and Tin Can Island ports to enhance global competitiveness.

Abubakar Dantsoho, Managing Director of the NPA, made this known on Monday during the 2026 budget defence session with the Senate Committee on Marine Transport.

Presenting the 2026 budget proposal, Dantsoho said the agency’s total revenue projection stands at N1.489 trillion, which, according to him, is N21 billion higher than the N1.468 trillion targeted and exceeded in 2025, following actual revenue collection of N1.97 trillion.

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According to him, of the projected N1.489 trillion revenue for 2026, N945 billion is earmarked for capital projects, N447.5 billion for operating expenses, and N90.6 billion for remittance into the Consolidated Revenue Fund.

He explained that the budget is anchored on the mantra of “Consolidation, renewed resilience and shared prosperity,” with the modernisation of Apapa and Tin Can Island ports as flagship projects to boost revenue.

“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 said.

On the Treasury Single Account (TSA), he noted that all revenues generated by the NPA are paid directly into the account controlled by 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, Wasiu Eshinlokun, Senator, representing Lagos Central and Chairman of the Committee, said the Committee’s oversight function on the NPA is not adversarial but collaborative.

“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.