The Nigerian Ports Authority ( NPA ) has targeted N1.489trillion as Internally Generated revenue for 2026 fiscal year which is N21billion above N1.468trillion targeted and surpassed in 2025.
This is as the ports regulator is set for ground breaking of projects on modernization of Apapa and Tin Can Island ports for effective global competitiveness.
The Managing Director of NPA, Abubakar Dantsoho stated these on Monday during 2026 budget defence session with the Senate Committee on Marine Transport.
Dantsoho in his presentation on the 2026 budget proposal for NPA, said total revenue projection by the agency for 2026 is N1.489trillion which according to him, is N21billion higher than N1.468trillon targeted and surpassed in 2025 going by revenue collection of N1.97trillion .
According to him, out of the projected N1.489trillion revenue in 2026, N945billion is earmarked for capital projects, N447.5billion for operating expenses and N90.6billon for remittance into Consolidated Revenue Fund.
He explained that the budget is anchored on the mantra of “Consolidation , renewed resilience and shared prosperity”, with modernisation of Apapa and Tin Can Island Ports as flagship projects for increase 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 modernized operations.
“Ground breaking of projects on their modernization , will commence in two or three weeks time”, he said.
On Treasury Single Account (TSA), he said all revenues generated by NPA go 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 added.
The Chairman of the Committee, Senator Wasiu Eshinlokun ( Lagos Central) said oversight function of the committee on 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.