Fesochukwu Jason
The Nigerian Ports Authority (NPA) has set a target of N1.489 trillion in internally generated revenue (IGR) for 2026, surpassing last year’s target by N21 billion. The authority also unveiled plans to modernize the Apapa and Tin Can Island Ports to boost efficiency and global competitiveness.
Speaking at the Senate Committee on Marine Transport during the 2026 budget defence, NPA Managing Director Dr. Abubakar Dantsoho revealed that the authority collected N1.97 trillion in 2025, exceeding its N1.468 trillion target.
Of the 2026 budgeted revenue, N945 billion will be allocated to capital projects, N447.5 billion for operations, and N90.6 billion to the Consolidated Revenue Fund (CRF). The budget theme, “Consolidation, Renewed Resilience and Shared Prosperity,” underscores the strategic upgrades to the ports.
“Apapa Port, over a century old, and Tin Can, more than 50 years, are too small for modern vessels,” Dantsoho said, noting that work on the modernization will commence in the next two to three weeks.
He added that all NPA earnings are channeled directly into the Treasury Single Account (TSA) managed by the Central Bank of Nigeria (CBN), stressing that funds are not retained by the authority but applied as needed.
Senate Committee Chairman, Senator Wasiu Eshinlokun (APC, Lagos Central), highlighted that legislative oversight is meant to be collaborative. “Our goal is to strengthen institutional capacity, eliminate inefficiencies, and ensure that every naira appropriated serves the public interest,” he said.
The modernization of Nigeria’s busiest ports is expected to improve cargo handling, reduce congestion, and enhance the country’s standing in global maritime trade.
Juliet Ezeh is the founder and chief reporter at Westbridge Reporters with over 7 years of experience in journalism. She covers crime, industry, policy, and social developments, delivering timely and accurate reporting.