Nigerian Ports Authority revenue projected at N1.489tn for 2026, with Apapa and Tin Can Island port modernisation set to enhance efficiency

The Nigerian Ports Authority (NPA) has proposed a revenue target of N1.489 trillion for the 2026 fiscal year, marking a modest increase over the N1.468 trillion set for 2025, which the agency exceeded with collections of N1.97 trillion.

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The figures were disclosed by NPA Managing Director Abubakar Dantsoho during the agency’s 2026 budget defence before the Senate Committee on Marine Transport in Abuja.

Of the projected revenue, N945 billion is earmarked for capital projects, N447.5 billion for operating expenses, and N90.6 billion for remittance into the Consolidated Revenue Fund.

The budget is anchored on the theme, “Consolidation, renewed resilience and shared prosperity.”

Dantsoho highlighted the planned modernisation of Apapa and Tin Can Island ports as flagship initiatives aimed at boosting global competitiveness and addressing capacity constraints.

“Apapa and Tin Can Island ports are very old and small for the required global competitors in the ports business.

Apapa Port is about 100 years old, while Tin Can is over 50 years old, with inadequate capacities in size and vessel containment for modernised operations. Groundbreaking of projects on their modernisation will commence in two or three weeks,” he said.

On revenue management, Dantsoho emphasised strict compliance with the Treasury Single Account policy, noting that all NPA earnings are remitted directly to 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.

Senator Wasiu Eshinlokun, chairman of the Senate Committee on Marine Transport, assured the authority of the panel’s support, describing its oversight role as cooperative.

“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.

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The overhaul of Apapa and Tin Can Island ports is expected to improve vessel turnaround times, expand capacity for maritime trade, and reposition Nigeria’s ports sector amid rising regional competition.