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ABUJA – The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, on Tuesday, warned that the Federal Government’s proposed ₦10.49 billion budgetary allocation to the ministry for the 2026 fiscal year is grossly inadequate to deliver the reforms and sectoral growth required to unlock Nigeria’s vast marine and blue economy potential.
Oyetola raised the concern while defending the ministry’s 2026 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.
He explained that the proposed budget of ₦10,499,984,667.10 comprises ₦8.24 billion for capital expenditure, ₦453.86 million for overheads, and ₦1.81 billion for personnel costs, stressing that the envelope would merely sustain skeletal operations rather than drive meaningful reforms, infrastructure expansion, or sectoral competitiveness.
According to the minister, the ministry supervises strategically linked subsectors—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 underpin economic competitiveness.
Oyetola noted that key parastatals under the ministry, including the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Shippers’ Council (NSC), are self-funding and contribute substantial revenues to the Consolidated Revenue Fund. However, he lamented that excessive deductions at source by the Office of the Accountant-General of the Federation have severely constrained their liquidity and operational flexibility.
“These deductions have weakened the capacity of agencies responsible for maritime safety, port efficiency and regulatory oversight,” he said, warning that the consequences include port congestion, rising logistics costs, delayed cargo movement, revenue losses and inflationary pressures. “What appears to be an accounting issue has now become a national economic concern.”
The minister also drew attention to what he described as a budgetary misplacement of the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), whose 2026 budget was erroneously captured under the Federal Ministry of Transportation rather than the Ministry of Marine and Blue Economy.
He said the error undermines clarity of oversight and disrupts policy coherence across the maritime logistics value chain.
On inland waterways, Oyetola appealed for enhanced funding to address frequent accidents and loss of lives, stressing that water transport remains globally recognised as cheaper and more efficient than road haulage.
He observed that Nigeria currently relies on road transport for over 80 per cent of freight movement, a trend that has accelerated road deterioration and inflated the cost of goods. Improved safety and efficiency on inland waterways, he argued, would reduce pressure on roads and significantly lower logistics costs.
Turning to fisheries and aquaculture, the minister said Nigeria’s annual fish demand of over 3.6 million metric tonnes far outstrips domestic production of about 1.4 million metric tonnes, sustaining imports valued at more than $1 billion 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. Oyetola assured lawmakers that the ministry is intensifying efforts to boost local fish production and reduce import dependence.
The minister disclosed that in the 2025 fiscal year, the ministry’s revised capital budget of ₦3.53 billion recorded an actual cash release of only ₦202.47 million—about 1.7 per cent—while overhead releases stood at 35 per cent.
He said the ministry is engaging the Ministry of Budget and Economic Planning to address the funding gaps, in line with the Federal Government’s strategy to diversify the economy through the marine and blue economy.
In his response, Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshilokun, assured that the National Assembly would carefully examine the proposals, noting that the marine and blue economy remains critical to national development and economic resilience.
