NPA projects N1.28tn revenue for 2025

 …paid N400bn into FG’s account in 2024

The Nigerian Ports Authority (NPA) is targeting a revenue of ₦1.279 trillion this year, according to the Managing Director/Chief Executive Officer (MD/CEO), Dr Abubakar Dantsoho.

The figure is 40 percent more than the ₦865 billion the agency projected for 2024.

Dantsoho spoke in Abuja on Monday when he appeared before the Senate Committee on Marine Transport to appraise the operating performance of the NPA.

In his 2024 revenue performance review, he told the lawmakers that ₦400 billion was remitted into the Consolidated Revenue Fund (CRF) of the Federal Government, doubling the remittances made in 2023.

He stated, “Revenue projection of NPA for the 2025 fiscal year is ₦1.279 trillion, which is about 40% higher than the ₦865 billion projected in 2024 and surpassed with ₦894.86 billion generated.

“The breakdown of the ₦1.279 trillion revenue projection shows ₦430 billion from cargo, ₦544 billion from ships, ₦240 billion from concession, and ₦73 billion from administrative charges.

“Our 2025 budget proposal is more than figures; it reflects our aspirations for a more efficient, globally competitive port system,” Dantsoho told lawmakers, adding that over 70% of the proposed expenditure will go into capital projects.

“This ambitious target,” the Authority says, “is anchored on sweeping modernisation efforts, the full activation of the Dangote Refinery’s marine operations, and the deployment of cutting-edge technology to enhance port efficiency.”

The NPA boss mentioned key assumptions on which the anticipated revenue haul was premised, namely: the full operation of the Dangote Refinery, which alone is expected to draw in over 600 vessels annually through its Single Point Mooring (SPM) system; the commissioning of upgraded terminals at WACT and OMT, which will enhance container traffic; the implementation of automation tools such as the National Single Window, Port Community System (PCS), and Vessel Traffic Management System (VTMS); and increased cargo volumes stemming from global disruptions, including the Russia-Ukraine conflict, which has affected global trade routes.

On the expenditure side for 2025, Dantsoho said the NPA, which is embarking on port modernisation, budgets ₦1.14 trillion, with ₦778.46 billion of the sum going to capital projects.

The MD explained that the spending would focus on the revitalisation of critical infrastructure, including the Calabar, Warri, and Burutu ports.

Speaking earlier, the Chairman of the Committee, Senator Wasiu Eshinlokun (APC, Lagos Central), asked the agency to ramp up performance, improve port infrastructure, and play a greater role in addressing Nigeria’s revenue and unemployment challenges.

He noted that ports remain a critical pillar of Nigeria’s economy, advising the agency to meet rising expectations despite operational challenges.

Other members of the committee, like Senators Iya Abbas (PDP, Adamawa Central), Victor Umeh (LP, Anambra Central), Amos Yunana (PDP, Adamawa South), Kenneth Eze (APC, Ebonyi Central), and Abdul Ningi (PDP, Bauchi Central), in their remarks, commended the NPA for always surpassing its revenue targets every fiscal year.

Ningi, for instance, said, “Your presentation is a well-prepared one—from performance to estimates and to assumptions.”

However, they admonished the NPA to do more on revenue generation as a way of helping the Federal Government solve the problem of deficit budgeting and borrowing.

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