Business
Oyetola presents N10.5b budget, laments inadequate funding
Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, yesterday presented a N10,499,984,667.10 budget proposal for the Ministry of Marine and Blue Economy for the 2026 fiscal year. He also lamented that the allocation was insufficient to execute the ministry’s mandate critical to Nigeria’s trade, transport efficiency and food security.
Oyetola made this known 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 said the proposed budget, which comprises N8.24 billion for capital expenditure, N453.86 million for overheads and N1.81 billion for personnel costs, would only sustain minimal operational continuity rather than deliver meaningful reforms or sectoral growth.
According to him, the ministry oversees interconnected subsectors including ports, shipping, inland waterways, fisheries and aquaculture, which collectively handle over 90 per cent of Nigeria’s international trade by volume, national food and nutrition security, and economic competitiveness.
He noted that while agencies such as the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigerian Shippers’ Council (NSC) were self-funding and made significant remittances to the Consolidated Revenue Fund, their operations were being constrained by excessive deductions at source by the Office of the Accountant-General of the Federation.
He said: “These deductions have weakened liquidity and reduced the operational flexibility of key agencies responsible for maritime safety, port efficiency and regulatory oversight, with far-reaching consequences including port congestion, higher logistics costs, delayed cargo movement, revenue losses and inflationary pressures.”
Oyetola also noted that the 2026 budget of the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) was wrongly placed by the Budget Office under the Federal Ministry of Transportation. He explained that the misalignment undermined clarity in oversight and policy coherence within the maritime logistics value chain.
The Minister appealed for increased funding to curb accidents and loss of lives on inland waterways.
Oyetola, while stating that water transport is globally recognised as cheaper than road transport, noted that Nigeria’s heavy reliance on road haulage for over 80 per cent of freight movement has worsened road deterioration and increased the cost of goods.
He argued that safer and more efficient inland waterways would ease pressure on roads and lower logistics costs.
On fisheries and aquaculture, Oyetola said Nigeria’s annual fish demand of over 3.6 million metric tonnes exceeds domestic production of about 1.4 million metric tonnes. He explained that the shortfall has led to substantial imports, costing the nation over $1 billion annually.
The minister added that post-harvest losses of up to 30 per cent further reduced supply, despite fish being one of the most affordable sources of animal protein for Nigerian households, while assuring that the Ministry is working hard to increase local fish production and reduce importation.
The minister disclosed 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 the funding gaps in line with the Federal Government’s drive to diversify the economy through the marine and blue economy.
The Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshilokun, assured that the National Assembly would examine the proposals, noting the strategic importance of the marine and blue economy to national development and economic resilience.
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