..Paid N400bn into federation account in 2024
By James Adamu
The Nigerian Ports Authority has projected a revenue of N1.279 trillion this year, according to the Managing Director/Chief Executive Officer, Dr Abubakar Dantsoho.
The figure is 40 percent more than the N865billion the agency projected for 2024.
Dantsoho spoke in Abuja on Monday when he appeared before the Senate Committee on Marine Transport to appraise the operating performance of the NPA.
In his 2024 revenue performance review, he told the lawmakers that N400bn was remitted into the Consolidated Revenue Fund (CRF) of the Federal Government, doubling the remittances for the previous 2023.
He stated, “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.”
NPA’s boss mentioned key assumptions on which the anticipated revenue haul was premised namely, 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.”
On the expensiture side for 2025, Dantsoho said the NPA, which is embarking on port modernisation, budgets ₦1.14tn with ₦778.46bn of the sum going to capital projects.
The MD explained that the spending would focus on the revitalisation of critical infrastructure, including the Calabar, Warri, and Burutu ports.
Speaking earlier, the Chairman of the Committee, Senator Wasiu Eshinlokun (APC, LagosCentral) asked the agency to ramp up performance, improve port infrastructure, and play a greater role in addressing Nigeria’s revenue and unemployment challenges.
He noted that ports remain a critical pillar of Nigeria’s economy, advising 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.
Ningi, for instance, said, ” Your presentation is a well prepared one from performance to estimates and to assumptions “
But, they 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.
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