The Nigerian Ports Authority (NPA) has disclosed that it has a target to raise N1.489 trillion in internally generated revenue (IGR) for the 2026 fiscal year.
Managing Director of the NPA, Dr. Abubakar Dantsoho, disclosed this during the agency’s 2026 budget defence before the Senate Committee on Marine Transport.
According to him, the N1.489 trillion target represents an increase of N21 billion over the N1.468 trillion projection for 2025, which the authority exceeded significantly.
Dantsoho added that the authority’s 2026 budget is designed to support its revenue ambitions, with N945 billion earmarked for capital projects, N447.5 billion for operating expenses, and N90.6 billion for remittances into the Consolidated Revenue Fund.
The Managing Director further explained that modernisation of Apapa and Tin Can Island ports, among others, would play a central role in driving future revenue growth as they are expected to boost capacity and efficiency.
Apapa Port is about 100 years old, while Tin Can Island Port has been in operation for over 50 years, highlighting the urgency of rehabilitation.
Groundbreaking for the modernisation projects is expected to begin within the next two to three weeks.
All revenue generated by the NPA is paid into the Treasury Single Account managed by the Central Bank of Nigeria, meaning the agency does not retain funds and must request allocations when needed.
He noted that these reforms are critical to sustaining growth and ensuring Nigeria’s ports remain competitive in handling rising cargo volumes.
