Nigeria: NPA Targets N1.489trn Revenue, to Modernise Lagos Ports

The Nigerian Ports Authority (NPA) has targeted N1.489 trillion as Internally Generated Revenue (IGR) for the 2026 fiscal year, a figure N21 billion above the N1.468 trillion target set and surpassed in 2025.

This comes as the ports' regulator prepares for the groundbreaking of modernization projects at the Apapa and Tin Can Island ports to enhance global competitiveness.

The Managing Director of the NPA, Dr. Abubakar Dantsoho, disclosed these figures on Monday during the 2026 budget defense session with the Senate Committee on Marine Transport.

In his presentation, Dantsoho noted that the total revenue projection of N1.489 trillion is N21 billion higher than the 2025 target.

He highlighted that the agency significantly outperformed its previous goals, achieving a total revenue collection of N1.97 trillion in 2025.

According to the Managing Director, out 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 (CRF).

He explained that the budget is anchored on the mantra of "Consolidation, Renewed Resilience, and Shared Prosperity," with the modernization of the Apapa and Tin Can Island ports serving as flagship projects to drive increased revenue.

"Apapa and Tin Can Island ports are very old and too small for the requirements of global competitors in the ports business," Dantsoho said. "Apapa Port is about 100 years old, while Tin Can is over 50 years old, both with inadequate capacities in size and vessel containment for modernized operations. Groundbreaking for their modernization projects will commence in two or three weeks," he added.

Regarding the Treasury Single Account (TSA), he clarified that all revenues generated by the NPA go directly into the account controlled 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 they are needed," he explained.

In his remarks, the Chairman of the Committee, Senator Wasiu Eshinlokun (Lagos Central), said the committee's oversight function regarding the NPA 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," the Senator said.

This article originally appeared on Daily Trust.