The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, on Tuesday presented a ₦10,499,984,667.10 budget proposal for the Federal Ministry of Marine and Blue Economy for the 2026 fiscal year, lamenting that the allocation was grossly insufficient to effectively execute the ministry’s expansive mandate critical to Nigeria’s trade, transport efficiency and food security.
Oyetola made the disclosure while defending the ministry’s budget before a joint sitting of the Senate Committee on Marine Transport and the House of Representatives committees on Ports and Harbours; Maritime Safety, Education and Administration; Shipping Services; Inland Waterways; and Ocean and Fisheries.
He explained that the proposed budget comprises ₦8.24 billion for capital expenditure, ₦453.86 million for overheads and ₦1.81 billion for personnel costs, stressing that the allocation would only sustain minimal operational continuity rather than drive meaningful reforms or sectoral growth.
According to the minister, the ministry supervises interconnected subsectors including ports, shipping, inland waterways, fisheries and aquaculture, which collectively account for over 90 per cent of Nigeria’s international trade by volume, support national food and nutrition security, and enhance economic competitiveness.
Oyetola noted that while key agencies under the ministry—such as the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigerian Shippers’ Council (NSC)—are self-funding and make significant remittances to the Consolidated Revenue Fund, their operations are being severely 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 the operational flexibility of agencies responsible for maritime safety, port efficiency and regulatory oversight, resulting in port congestion, higher logistics costs, delayed cargo movement, revenue losses and inflationary pressures. What appeared to be a technical accounting issue, he said, had become a national economic concern.
The minister also drew attention to what he described as a misplacement of the 2026 budget of the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), which the Budget Office listed under the Federal Ministry of Transportation instead of the Ministry of Marine and Blue Economy. He said the error undermined clarity in oversight and policy coherence within the maritime logistics value chain.
On inland waterways, Oyetola appealed for increased funding to curb accidents and loss of lives, noting that water transport is globally recognised as significantly cheaper than road transport. He observed that Nigeria’s reliance on road haulage for over 80 per cent of freight movement has 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 disclosed that Nigeria’s annual fish demand of over 3.6 million metric tonnes far exceeds domestic production of about 1.4 million metric tonnes, sustaining imports valued at more than one billion dollars annually. He added that post-harvest losses of up to 30 per cent further constrain supply, despite fish being one of the most affordable sources of animal protein for Nigerian households. He assured lawmakers that the ministry is intensifying efforts to boost local fish production and reduce import dependence.
Oyetola further revealed that in 2025, the ministry’s revised capital budget of ₦3.53 billion recorded an actual cash release of just ₦202.47 million, representing about 1.7 per cent, while overhead releases stood at 35 per cent.
He said engagements were ongoing with the Ministry of Budget and Economic Planning to address funding gaps in line with the Federal Government’s drive to diversify the economy through the marine and blue economy.
In his response, the Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshilokun, assured that the National Assembly would carefully examine the proposals, noting the strategic importance of the marine and blue economy to national development and economic resilience.
