By ThankGod Inalegwu
The Nigerian Ports Authority (NPA) has projected an Internally Generated Revenue (IGR) of N1.489 trillion for the 2026 fiscal year, signaling a continued upward trajectory in its financial performance and operational capacity.
The projection, which represents an increase of N21 billion over the N1.468 trillion target surpassed in 2025, was disclosed by the Managing Director of the authority, Abubakar Dantsoho, during the 2026 budget defence session before the Senate Committee on Marine Transport on Monday.
Dr. Dantsoho revealed that the authority exceeded expectations in 2025, generating an actual revenue of N1.97 trillion, significantly above its target. He noted that the 2026 budget is strategically designed to consolidate these gains while enhancing infrastructure and competitiveness.
According to the breakdown of the proposed N1.489 trillion revenue, N945 billion has been earmarked for capital projects, N447.5 billion for operational expenses, and N90.6 billion for remittance into the Consolidated Revenue Fund.
He explained that the 2026 budget is anchored on the theme, “Consolidation, renewed resilience and shared prosperity,” with a major focus on modernising Nigeria’s busiest seaports — Apapa Port and Tin Can Island Port.
Describing both ports as outdated, the NPA boss noted that Apapa Port, which is about a century old, and Tin Can Island Port, over 50 years old, are no longer adequate to meet the demands of modern global shipping and logistics.
“Groundbreaking for their modernization will commence within the next two to three weeks,” he announced, adding that the projects are expected to significantly boost Nigeria’s competitiveness in international maritime trade.
On financial operations, Dr. Dantsoho clarified that all revenues generated by the NPA are remitted directly into the Treasury Single Account (TSA) managed by the Central Bank of Nigeria. He emphasized that the authority does not retain funds but must apply for disbursements when necessary.
In his remarks, Chairman of the Senate Committee on Marine Transport, Wasiu Eshinlokun, assured the NPA of the committee’s support, stressing that its oversight role is collaborative.
“Our objective is to work with you to strengthen institutional capacity, eliminate inefficiencies, and ensure that every naira appropriated is used in the public interest,” Eshinlokun stated.
The proposed revenue growth and planned port modernization are expected to play a crucial role in enhancing trade facilitation, boosting government earnings, and positioning Nigeria as a stronger player in the global maritime industry.