Oyetola Presents N10.5bn 2026 Marine and Blue Economy Budget, Laments Inadequate Funding
- Oyetola has stated that a N10.49 billion budget proposal for 2026 is too small to run the ministry and deliver needed reforms effectively
- He warned that poor funding is hurting port efficiency, inland waterway safety, and efforts to grow fisheries and aquaculture
- The National Assembly acknowledged the marine and blue economy’s importance to trade, food security, and economic growth
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has presented a proposed budget of ₦10.49 billion for the Federal Ministry of Marine and Blue Economy for the 2026 fiscal year.
While defending the proposal before a joint session of Senate and House of Representatives committees on maritime-related sectors, the minister said the amount was far too small to carry out the ministry’s broad responsibilities.
Source: UGC
According to Oyetola, the budget includes ₦8.24 billion for capital expenditure, ₦453.86 million for overhead costs, and ₦1.81 billion for personnel costs. He explained that with this level of funding, the ministry would only be able to keep basic operations running, without making meaningful improvements or driving growth across the sector.
He noted that the ministry supervises critical areas such as ports, shipping, inland waterways, fisheries and aquaculture. Together, these sectors handle more than 90% of Nigeria’s international trade by volume, contribute to food security, and support the country’s economic competitiveness.
Although agencies like the Nigerian Ports Authority (NPA), the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Shippers’ Council generate their own revenue and remit funds to the federal government, Oyetola said their work is being limited by heavy deductions made at source by the Office of the Accountant-General of the Federation.
He warned that these deductions have reduced cash flow and weakened the ability of key agencies to function effectively, leading to problems such as port congestion, higher transport costs, delays in cargo movement, loss of revenue and rising prices of goods nationwide.
Inland Waterways, Fisheries Need Urgent Support
The minister also raised concerns about errors in budget classification, pointing out that the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) was wrongly listed under the Ministry of Transportation instead of the Ministry of Marine and Blue Economy. He said this mistake affects proper oversight and policy coordination within the maritime logistics system.
On inland waterways, Oyetola called for increased funding to improve safety and reduce accidents. He said water transport is globally recognised as significantly cheaper than road transport.
He noted that Nigeria’s heavy reliance on road haulage for over 80% of freight movement had worsened road deterioration and increased the cost of goods, arguing that safer and more efficient inland waterways would ease pressure on roads and lower logistics costs.
Addressing fisheries and aquaculture, the minister said Nigeria needs over 3.6 million metric tonnes of fish annually, but local production is only about 1.4 million metric tonnes. This gap has led to fish imports worth more than $1 billion each year.
He added that poor storage and handling cause up to 30% post-harvest losses, even though fish remains one of the cheapest sources of protein for many Nigerians. He assured lawmakers that efforts are ongoing to boost local production and cut down on imports.
Source: Twitter
Oyetola also revealed that in 2025, only ₦202.47 million was released from a revised capital budget of ₦3.53 billion, representing just 1.7%, while overhead funding reached 35 per cent. He said discussions are ongoing with the Ministry of Budget and Economic Planning to close these funding gaps as part of the government’s plan to diversify the economy through the marine and blue economy.
In response, the Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshilokun, assured the minister that the National Assembly would study the budget proposal carefully, noting the importance of the marine and blue economy to Nigeria’s long-term growth and economic stability.
Source: Legit.ng
