The Nigerian Ports Authority (NPA) has expressed optimism about achieving a revenue target of N1.28 trillion by the end of 2025, representing 40% increase over the N894.86 billion it generated in 2024.
The Managing Director of NPA, Dr. Abubakar Dantsoho, who set the target during a budget defence session with the House of Representatives Committee on Ports and Harbors on Monday, said the management’s comprehensive modernization initiatives, the full start-up of marine operations at the Dangote Refinery, and the adoption of state-of-the-art technology to enhance port efficiency would help in achieving the fiscal goal.
He explained that the 2025 budget proposal was more than just figures but reflected the NPA’s aspiration for a more efficient and globally competitive port system.
Dantsoho said: “This shows our unwavering commitment to national revenue generation, even when our own operational liquidity is affected.”
According to him, over 70% of the NPA’s budget this year totalling about N778.46 billion is allocated for capital projects.
An analysis of the budgets showed that the NPA expected to generate significant revenue from Ship dues this year, estimated at N544.06 billion while Cargo dues are also projected to rake in of N413.06 billion this fiscal year.
Also, Concession fees are estimated to rake in N249.69 billion just as Administrative revenue is also anticipated to contribute N73.07 billion to the NPA’s overall revenue.
It would be recalled that in 2024, the NPA exceeded its N865.39 billion revenue target, generating N894.86 billion at the end of the year.
Similarly, it remitted N400.8 billion to the Consolidated Revenue Fund (CRF) last year, up from the N213.23 billion it remitted in 2023.