The Nigerian Ports Authority (NPA) has proposed a 62% allocation of its Internally Generated Revenue (IGR) toward Capital Expenditure (CapEx).
During a budget defense session before the Senate Committee on Marine Transport, the NPA management led by the Managing Director, Dr Abubakar Dantosho outlined a shift toward massive physical and technological renewal across the nation’s maritime gateways, aimed at positioning Nigeria as a competitive regional hub.
On financial governance, the NPA boss reiterated the authority’s compliance with the Treasury Single Account policy, stating, “We do not retain any funds. The Central Bank is the signatory, and we must apply for funds whenever needed.”
Lawmakers reviewing the proposal also signalled their support for the agency’s plans. Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshinlokun, said the panel would continue to work collaboratively with the authority, noting, “Our goal is to work with you to strengthen institutional capacity, eliminate inefficiencies and ensure that every naira appropriated serves the public interest.”
Reviewing the preceding 2025 fiscal year, the NPA demonstrated high levels of fiscal efficiency by successfully collecting 82% of its generated revenue.
A significant highlight of the 2025 performance was the Authority’s contribution to national liquidity, remitting over ₦700 billion to the Consolidated Revenue Fund (CRF). This substantial remittance was achieved even after the agency utilized 38% of its revenue for critical capital projects, underscoring its role as a primary driver of non-oil revenue for the Nigerian economy.
In addition to physical infrastructure, a substantial portion of the 2026 budget is dedicated to equipment renewal. This includes the acquisition of modern marine equipment and craft to enhance pilotage and towage capabilities, which are essential for supporting the larger vessels now frequenting West African waters.
The NPA management emphasized that this escalated capital spending is a direct response to the urgent need for improved trade facilitation. By modernizing the ports, the Authority aims to lower the cost of shipping and boost the nation’s standing in global trade.