NPA sets N1.5 trillion revenue target for 2026
The Nigerian Ports Authority (NPA) has set N1.489 trillion as its Internally Generated Revenue (IGR) target for the 2026 fiscal year.
The figure represents an increase of N21 billion over the N1.468 trillion target for 2025, which the agency exceeded with an actual revenue of N1.97 trillion.
The managing director of the NPA, Abubakar Dantsoho, stated this on Monday during the agency’s 2026 budget defence before the Senate Committee on Marine Transport.
Mr Dantsoho said the authority is set to begin groundbreaking projects for the modernisation of Apapa and Tin Can Island ports to enhance global competitiveness.
According to him, of the projected revenue, N945 billion is allocated 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 was anchored on the mantra, “Consolidation, Renewed Resilience and Shared Prosperity.”
The NPA managing director said that the modernisation of Apapa and Tin Can Island ports are flagship projects aimed at boosting revenue.
“Apapa and Tin Can Island ports are old and no longer adequate for modern global port operations.
“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old, with limited capacity for handling modern vessels and cargo volumes.
“Groundbreaking for their modernisation will commence within the next two to three weeks,” he added.
On the Treasury Single Account (TSA), Mr Dantsoho stated that all revenues generated by the NPA are paid directly into the account managed 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 needed,” he explained.
In his remarks, chairman of the Senate Committee on Ports, Senator Wasiu Eshinlokun (Lagos Central), said the committee’s oversight function 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,” he said.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Ibadan
Oyo Abduction: Eight suspects arrested, several killed, presidency says
The presidential aide noted that the victims were rescued without any concessions to the perpetrators.
Education
Ondo varsity lecturers begin indefinite strike over unpaid salaries
The strike action commenced following the resolution reached at the union’s congress on Friday over the non-payment of May and June salaries.
States
Vandalism of national assets attracts 25-year jail term, NSCDC warns
The NSCDC commandant explained that vandalising national assets affects national security, the economy, and human lives.
States
Police arrest two suspected kidnappers in Kwara
The suspects were identified as Sauni Shehu and Auwalu Bala.
Economy
Gas for Africa, NNPC unveil first updated Nigeria gas, power infrastructure map
Bayo Ojulari, group chief executive officer of NNPC Limited, said the map highlights investment opportunities across Nigeria’s gas value chain.
Politics
SDP asks INEC to maintain the status quo on party leadership
The SDP, therefore, urged INEC to maintain the status quo on the party’s leadership pending the determination of the appeal.
