Maritime agencies target N2.2tr revenue
Nigeria’s maritime sector is projecting over N2.2trillion in combined revenue for the 2026 fiscal year, with the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), and the
- From Sanni Onogu, Abuja
Nigeria’s maritime sector is projecting over N2.2trillion in combined revenue for the 2026 fiscal year, with the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), and the Maritime Academy of Nigeria unveiling ambitious plans amid heightened scrutiny from the Senate.
At a budget defence session before the Senate Committee on Marine Transport on Monday, the NPA announced a revenue target of N1.489 trillion for 2026, N21 billion above its 2025 target of N1.468 trillion, which it exceeded with an actual performance of N1.97 trillion.
Managing Director of the NPA, Dr. Abubakar Dantsoho, said the 2026 budget proposal is anchored on “consolidation, renewed resilience and shared prosperity,” with a strong focus on infrastructure renewal.
He disclosed that N945 billion of the projected revenue would be committed to capital projects, N447.5 billion to operational expenses, while N90.6 billion would be remitted into the Consolidated Revenue Fund (CRF).
Central to the agency’s strategy is the long-awaited modernisation of Apapa and Tin Can Island ports, described as critical to enhancing Nigeria’s competitiveness in global maritime trade.
“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old. Both are inadequate in size and capacity for modern shipping operations,” Dantsoho said.
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He added that groundbreaking for the projects would commence within two to three weeks.
The NPA boss also clarified that all revenues generated by the authority are domiciled in the Treasury Single Account (TSA) managed by the Central Bank of Nigeria.
“We do not retain any funds. The Central Bank is the signatory, and we must apply for funds whenever needed,” he explained.
Also presenting its projections, NIMASA put its 2026 revenue target at N724 billion, with planned expenditures focusing on maritime security, infrastructure development, and automation.
However, lawmakers raised concerns over the management of the Cabotage Vessel Financing Fund (CVFF), directing the agency to provide a comprehensive account of the fund from inception to date.
“We want to know how much has been accumulated, whether the funds are still intact, and under what authority any disbursement has been made,” a senator demanded.
Similarly, the Maritime Academy of Nigeria projected N24.01 billion in revenue for 2026, up from its N20.85 billion approved budget in 2025.
Acting Rector of the academy, Kevin Okonna, attributed improved revenue performance to increased participation in short courses, noting that earnings from cadets and training programmes exceeded projections by 107 per cent.
Despite this, senators queried discrepancies in the academy’s financial figures and expressed concern over its remittance of only N19.9 million to the CRF.
“Out of the billions managed within the period, only N19 million was remitted. Does it mean everything else was expended?” one lawmaker asked.
Responding, Okonna explained that most of the institution’s income comes from grants, while internally generated revenue is limited to short courses, for which it has operational waivers.
He also addressed concerns over reliance on NIMASA funding, stating that outstanding payments of about N5 billion from 2025 had been factored into the 2026 projections.
Earlier, Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshinlokun Sanni, underscored the strategic importance of the maritime sector to Nigeria’s economy.
“The marine and maritime sector remains a critical pillar of Nigeria’s economy. Its performance directly impacts customs revenue, foreign exchange earnings, industrial development and overall economic stability,” he said.
He stressed that agencies under the committee—including the NPA, NIMASA, and the Maritime Academy—play vital roles in port management, maritime safety, and manpower development.
Eshinlokun maintained that the National Assembly’s oversight function is designed to ensure transparency and efficiency, not confrontation.
“Our responsibility is not just appropriation but oversight. These sessions are constitutional mechanisms to ensure accountability in the management of public funds,” he said.
Reiterating the committee’s stance at the close of the session, he added: “Oversight is not adversarial; it is collaborative. Our goal is to strengthen institutions, eliminate inefficiencies and ensure that every naira serves the national interest.”
