NPA targets N1.28 trillion revenue in 2025 . Remits N400billion into CRF in 2024 …Embarks on Ports Modernization

The Nigerian Ports Authority ( NPA) has projected N1.279trillion revenue for 2025 fiscal year which is 40% higher than N865billion projected for 2024 and even surpassed .

Revenue projection of NPA for 2025 fiscal year and general budgetary proposals , were presented separately to Committees on Marine Transport in both the Senate and the House of Representatives by its Managing Director , Dr Abubakar Dantsoho on Monday .

Dr Dantsoho in his presentation of the performance index of the revenue generating agency in 2024 and proposals for 2025 said NPA remitted N400billion into the Consolidated Revenue Fund ( CFR) in 2024 which according to him, almost doubled remittance made by the agency in 2023.

” Revenue projection of NPA for 2025 fiscal year is N1.279trillion which is about 40% higher than N865billion projected in 2024 and surpassed with N894.86billion generated .

” The breakdown of the N1.279trillion revenue projection , shows that N430billion from Cargo, N544billion from Ships, N240billion from Concession and N73billion 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 modernization efforts, the full activation of the Dangote Refinery’s marine operations, and the deployment of cutting-edge technology to enhance port efficiency”, he said .

Dantsoho added that the projected revenue increase is premised on several key assumptions and developments, including: 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.

Of the proposed ₦1.14 trillion total expenditure for 2025, ₦778.46 billion is earmarked for capital projects.

This investment, he said, will target the revitalization of critical infrastructure, including the Calabar, Warri, and Burutu ports and channels, and enhance towage services, channel depth, and compliance with international security conventions.

“Investments in infrastructure and technology are non-negotiable if we are to stay competitive regionally and globally”, he stressed.

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

The ports according to him, remain a critical pillar of Nigeria’s economy, and urged 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) , Abdul Ningi ( PDP Bauchi Central) etc, in their remarks , commended NPA for always surpassing its revenue targets every fiscal year .

Specifically, Senator Ningi said : ” Your presentation is a well prepared one from performance to estimates and to assumptions ”

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