The Nigerian Ports Authority (NPA) has set N1.489 trillion as its Internally Generated Revenue (IGR) target for the 2026 fiscal year.

The figure represents an increase of N21 billion over the N1.468 trillion target for 2025, which the agency exceeded with an actual revenue of N1.97 trillion.

The managing director of the NPA, Abubakar Dantsoho, stated this on Monday during the agency’s 2026 budget defence before the Senate Committee on Marine Transport.

Mr Dantsoho said the authority is set to begin groundbreaking projects for the modernisation of Apapa and Tin Can Island ports to enhance global competitiveness.

According to him, of the projected revenue, N945 billion is allocated for capital projects, N447.5 billion for operating expenses, and N90.6 billion for remittance into the Consolidated Revenue Fund (CRF).

He explained that the budget was anchored on the mantra, “Consolidation, Renewed Resilience and Shared Prosperity.”

The NPA managing director said that the modernisation of Apapa and Tin Can Island ports are flagship projects aimed at boosting revenue.

“Apapa and Tin Can Island ports are old and no longer adequate for modern global port operations.

“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old, with limited capacity for handling modern vessels and cargo volumes.

“Groundbreaking for their modernisation will commence within the next two to three weeks,” he added.

On the Treasury Single Account (TSA), Mr Dantsoho stated that all revenues generated by the NPA are paid directly into the account managed by the Central Bank of Nigeria (CBN).

“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 Ports, Senator Wasiu Eshinlokun (Lagos Central), said the committee’s oversight function is collaborative rather than adversarial.

“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. 

(NAN)