₦10.5bn Allocation Inadequate For Marine And Blue Economy Mandate — Oyetola
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, CON, has presented a ₦10.49 billion budget proposal for the Federal Ministry of Marine and Blue Economy for the 2026 fiscal year, lamenting that the allocation is inadequate to effectively deliver on the ministry’s extensive mandate critical to Nigeria’s trade, transport efficiency and food security.
Oyetola made the disclosure on Tuesday while defending the ministry’s budget before a joint session of the Senate Committee on Marine Transport and House of Representatives committees on Ports and Harbours; Maritime Safety, Education and Administration; Shipping Services; Inland Waterways; and Ocean and Fisheries.
According to the minister, the proposed budget comprises ₦8.24 billion for capital expenditure, ₦453.86 million for overheads and ₦1.81 billion for personnel costs. He noted that the allocation would only sustain minimal operational continuity rather than enable meaningful sectoral reforms or growth.
He explained that the ministry supervises interconnected subsectors including ports, shipping, inland waterways, fisheries and aquaculture, which together handle over 90 per cent of Nigeria’s international trade by volume, support national food and nutrition security and drive economic competitiveness.
Oyetola disclosed that while key agencies such as the Nigerian Ports Authority, the Nigerian Maritime Administration and Safety Agency and the Nigerian Shippers’ Council are self-funding and make significant remittances to the Consolidated Revenue Fund, their operations are increasingly constrained by excessive deductions at source by the Office of the Accountant-General of the Federation.
He warned that these deductions have weakened liquidity and reduced operational flexibility, leading to port congestion, rising logistics costs, delayed cargo movement, revenue losses and inflationary pressures, stressing that what may appear as an accounting issue has become a broader national economic concern.
The minister also drew attention to what he described as a budgetary misplacement, noting that the 2026 budget of the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) was wrongly listed under the Federal Ministry of Transportation instead of the Ministry of Marine and Blue Economy, a situation he said undermines policy coherence and oversight.
On inland waterways, Oyetola appealed for increased funding to improve safety and reduce accidents and loss of lives. He noted that water transport is globally recognised as more cost-effective than road haulage, adding that Nigeria’s heavy dependence on road transport for over 80 per cent of freight movement has worsened road deterioration and increased the cost of goods.
Addressing fisheries and aquaculture, the minister said Nigeria’s annual fish demand of over 3.6 million metric tonnes far exceeds domestic production of about 1.4 million metric tonnes, resulting in imports valued at over one billion dollars annually. He added that post-harvest losses of up to 30 per cent further worsen supply shortages, despite fish remaining one of the most affordable sources of animal protein for Nigerian households.
He disclosed that in 2025, the ministry’s revised capital budget of ₦3.53 billion received an actual cash release of only ₦202.47 million, representing about 1.7 per cent, while overhead releases stood at 35 per cent.
Oyetola said the ministry is engaging with the Ministry of Budget and Economic Planning to address funding gaps in line with the Federal Government’s strategy to diversify the economy through the marine and blue economy.
In his remarks, the Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshilokun, assured that the National Assembly would thoroughly review the proposals, acknowledging the strategic importance of the marine and blue economy to national development and economic resilience.
