Nigeria’s Nigerian Ports Authority (NPA) has set a revenue target of N1.489 trillion for the 2026 fiscal year, banking on an extensive modernisation of its busiest seaports in Lagos to drive growth.
RoundReports understands that the projection was presented by the agency’s managing director, Abubakar Dantsoho, during the NPA’s budget defence before the Senate Committee on Marine Transport in Abuja.
The proposed figure represents a N21bn increase on the N1.468tn benchmark set for 2025, a target the authority says it surpassed, posting an actual revenue of N1.97tn.
Central to the 2026 plan is a comprehensive upgrade of Apapa Port and Tin Can Island Port, which together handle a huge share of Nigeria’s maritime trade.
Dantsoho told lawmakers that both facilities are operating well beyond their intended lifespans.
Apapa Port, he said, is approaching 100 years in operation, while Tin Can Island Port has been in service for over five decades, with infrastructure no longer suited to modern cargo demands.
He disclosed that construction work for the ports’ modernisation would begin within the next two to three weeks.
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According to the NPA, the 2026 budget is built around the theme “Consolidation, renewed resilience and shared prosperity,” with infrastructure expansion identified as the primary lever for revenue growth.
Of the proposed N1.489tn, N945bn is earmarked for capital expenditure linked largely to port upgrades, while N447.5bn is allocated for recurrent spending.
A further N90.6bn is projected for remittance to the Consolidated Revenue Fund, he added.
Addressing questions on financial autonomy, Dantsoho said the authority does not retain any of the revenue it generates, insisting that all income is paid into the Treasury Single Account and managed by the Central Bank of Nigeria (CBN).
“The Central Bank is the signatory. We apply for funds whenever there is a need,” he told the committee.
Responding, the committee’s chairman, Wasiu Eshinlokun, said lawmakers’ engagement with the ports authority was intended to support improved performance and accountability rather than create friction.