Leadnaija
The Nigerian Ports Authority (NPA) anticipates a significant rise in revenue, estimating it to reach ₦1,279,894,610,343 in 2025. This marks a 40% increase compared to the ₦894,864,254,591 generated in 2024.
The Authority noted that this ambitious goal relies on comprehensive modernization initiatives, the complete start-up of marine operations at the Dangote Refinery, and the application of state-of-the-art technology to improve port efficiency.
In a presentation on Monday, Abubakar Dantsoho, the Managing Director of the NPA, revealed this information during a budget defense session with the House of Representatives Committee on Ports and Harbors. During this session, he defended the agency’s budget estimates for 2025 and offered insights into its performance in 2024.
“Our 2025 budget proposal is more than figures; it reflects our aspirations for a more efficient, globally competitive port system,” Dantsoho explained to the lawmakers. He also mentioned that over 70% of the budget is allocated for capital projects.
For 2024, the Authority exceeded its revenue goal of ₦865.39 billion by achieving an actual revenue of ₦894.86 billion.
Dantsoho disclosed that as of the time of reporting, just ₦417.86 billion had been utilized, which is less than half of the authorized ₦850.92 billion expenditure.
In 2024, despite the challenges, the NPA said they had significantly increased its contribution to the Consolidated Revenue Fund (CRF), reaching ₦400.8 billion. This amount is almost twice the ₦213.23 billion remitted in 2023. Notably, ₦344.7 billion of this contribution was directly deducted at the source.
“This shows our unwavering commitment to national revenue generation, even when our own operational liquidity is affected,” he added.
He stated that the anticipated revenue for 2025 will be primarily derived from these major sources: ₦544.06 billion from Ship Dues, ₦413.06 billion from Cargo Dues, ₦249.69 billion from Concession Fees, and ₦73.07 billion from Administrative Revenue.
In the planned ₦1.14 trillion budget for 2025, ₦778.46 billion is allocated specifically for capital projects.
