…Focuses on Port Modernisation, Dangote Refinery Boost
The Nigerian Ports Authority (NPA) has projected a total revenue of ₦1.279 trillion for the 2025 fiscal year, representing a 40% increase from the ₦865 billion originally projected for 2024.
The figures were presented separately to the Senate and House of Representatives Committees on Marine Transport by Abubakar Dantsoho, Managing Director of the NPA on Monday.
In a breakdown of its performance, Dantsoho revealed that the agency remitted ₦400 billion to the Consolidated Revenue Fund (CRF) in 2024, nearly double what was remitted in the previous year.
“Revenue projection of NPA for 2025 fiscal year is ₦1.279 trillion, which is about 40% higher than ₦865 billion projected in 2024 and surpassed with ₦894.86 billion generated,” Dantsoho told lawmakers.
According to him, the revenue forecast is structured around four key streams: ₦430 billion from cargo, ₦544 billion from ships, ₦240 billion from concessions, 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 said, noting that more than 70% of the projected expenditure would be dedicated to capital investments.
He explained that the bold revenue target is underpinned by key developments, including the full activation of the Dangote Refinery’s marine operations, which is expected to attract over 600 vessels annually via its Single Point Mooring (SPM) system.
Other factors expected to drive revenue include the inauguration of upgraded terminals at WACT and OMT, the deployment of automation tools like the National Single Window, Port Community System (PCS), and Vessel Traffic Management System (VTMS), as well as increased cargo volume linked to global trade disruptions such as the Russia-Ukraine conflict.
Of the total ₦1.14 trillion expenditure projected for 2025, ₦778.46 billion will be channelled into capital projects.
These include the rehabilitation of critical infrastructure across ports in Calabar, Warri, and Burutu, as well as improvements in towage services, channel dredging, and compliance with international port security protocols.
“Investments in infrastructure and technology are non-negotiable if we are to stay competitive regionally and globally,” Dantsoho emphasised.
Wasiu Eshinlokun, Chairman of the Senate Committee on Marine Transport, (APC Senator, Lagos Central), urged the NPA to continue scaling up its performance and play a stronger role in addressing Nigeria’s revenue shortfall and unemployment challenges.
“The ports remain a critical pillar of Nigeria’s economy,” Eshinlokun noted, stressing that the agency must meet public expectations despite operational hurdles.
Members of the Committee, including Iya Abbas (PDP Senator -Adamawa Central), Victor Umeh (LP Senator – Anambra Central), Amos Yohanna (PDP Senator – Adamawa South), Kenneth Eze (APC Senator – Ebonyi Central), and Abdul Ningi (PDP Senator – Bauchi Central), commended the NPA for consistently exceeding its revenue benchmarks.
Ningi remarked, “Your presentation is a well-prepared one—from performance to estimates and to assumptions.”
However, lawmakers encouraged the agency to further enhance its revenue generation efforts to support the Federal Government in curbing deficit budgeting and rising debt.
Cyril Fasuyi (APC Senator – Ekiti North) specifically advised the NPA to trim its expenditure projections, describing the proposed ₦1.14 trillion spending plan for 2025 as “on the high side.”
