By Joy Odor
The Nigerian Ports Authority (NPA) has announced a visionary goal to generate ₦1.279 trillion in revenue for the 2025 fiscal year, representing a 40% increase from the ₦894 billion recorded in 2024.
The Managing Director of the NPA, Dr. Abubakar Dantsoho, made this announcement during the Senate Committee on Marine Transport for the 2024 budget performance review and 2025 proposal presentation.
He informed that the NPA projects earning ₦413 billion from cargo handling, ₦544 billion from ship-related services, ₦249 billion from concessions, and ₦73 billion in miscellaneous revenue.
Dantsoho affirmed that NPA authority is proposing ₦1.1 trillion in expenditure, with ₦778 billion allocated to capital projects and ₦364 billion for operational costs.
NPA MD mentioned that the strategic areas of focus included Port automation, enhanced towing services, channel dredging, and international compliance upgrades.
He ascertained that NPA faces challenges such as the 50% automatic deduction by the federal government from its revenue at source, delayed remittances, and restrictive procurement thresholds.
NPA MD maintained that the authority is investing heavily in infrastructure, advanced equipment, digital technology, and human capacity to reduce ship turnaround time, boost cargo volumes, and ensure Nigeria becomes the maritime hub for West Africa.
The Senate Committee Chairman on Marine Transport, Senator Wasiu Sanni Eshinlokun in his opening speech at during the budget defense therefore reaffirmed its constitutional duty to ensure prudent use of public funds and announced plans to conduct oversight visits to NPA projects in Lagos.
Senator Eshinlokun also emphasized its commitment to partnership and progress, with a shared goal to strengthen Nigeria’s maritime industry for sustainable economic growth.
