The Nigerian Ports Authority (NPA) has set an ambitious revenue target of N1.489 trillion for the 2026 fiscal year, as it prepares to embark on a major overhaul of Nigeria’s busiest seaports in Lagos.

Managing Director of the agency, Abubakar Dantsoho, unveiled the projections yesterday during the agency’s budget defence before the Senate Committee on Marine Transport, describing the plan as a step toward repositioning Nigeria’s maritime sector for global relevance.

The proposed figure represents a N21 billion increase over the N1.468 trillion target for 2025, a benchmark the agency not only met but exceeded, recording an actual revenue of N1.97 trillion.

At the heart of the 2026 proposal is a sweeping modernisation drive targeting two of Nigeria’s most critical maritime gateways, Apapa and Tin Can Island ports.

Dantsoho painted a stark picture of their current state, noting that both ports have long outlived their original capacities. Apapa Port, he said, is nearly a century old, while Tin Can Island Port has operated for more than five decades, both now constrained by outdated infrastructure and limited capacity to handle modern cargo volumes.

“Groundbreaking for their modernisation will commence in the next two to three weeks,” he announced, signalling the start of what could become one of the most significant infrastructure upgrades in Nigeria’s maritime history.

The NPA boss explained that the 2026 budget is anchored on the theme, “Consolidation, renewed resilience and shared prosperity,” with a strong emphasis on infrastructure expansion as a pathway to higher revenue.

A breakdown of the proposed N1.489 trillion shows that N945 billion will go into capital projects, largely tied to port upgrades, while N447.5 billion is allocated for operational costs. Another N90.6 billion is projected for remittance into the Consolidated Revenue Fund.

Beyond infrastructure, Dantsoho also addressed concerns around financial autonomy, reiterating that all revenues generated by the NPA are paid directly into the Treasury Single Account (TSA) 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 said, underscoring the agency’s compliance with federal financial regulations.

Reacting to the presentation, Chairman of the Senate Committee on Marine Transport, Wasiu Eshinlokun, stressed that the committee’s engagement with the NPA is aimed at strengthening performance, not confrontation.