Writing By Bashir M; Editing By Yusuf Zubairu
The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, on Tuesday presented a ₦10.5 billion budget proposal for the ministry for the 2026 fiscal year, describing the allocation as inadequate to effectively implement its mandate.
Speaking during a budget defence before a joint sitting of the Senate and House of Representatives committees on maritime-related sectors, Oyetola said the proposed sum would only sustain minimal operations rather than drive meaningful reforms and growth.
The budget comprises ₦8.24 billion for capital expenditure, ₦453.86 million for overheads and ₦1.81 billion for personnel costs.
He explained that the ministry supervises critical subsectors including ports, shipping, inland waterways, fisheries and aquaculture, which together account for over 90 per cent of Nigeria’s international trade by volume and play key roles in food security and economic competitiveness.
Oyetola noted that while agencies such as the Nigerian Ports Authority, Nigerian Maritime Administration and Safety Agency, and the Nigerian Shippers’ Council are self-funding and remit substantial revenues to the Consolidated Revenue Fund, excessive deductions at source by the Office of the Accountant-General have constrained their operations.
According to him, the deductions have reduced liquidity and operational flexibility, contributing to port congestion, high logistics costs, cargo delays, revenue losses and inflationary pressures.
He also raised concern over the placement of the 2026 budget of the Council for the Regulation of Freight Forwarding in Nigeria under the Federal Ministry of Transportation instead of the Ministry of Marine and Blue Economy, saying the misalignment affects oversight and policy coordination.
On inland waterways, the minister called for increased funding to improve safety and reduce accidents, noting that water transport is globally recognised as cheaper and more efficient than road transport.
He observed that Nigeria relies on road haulage for over 80 per cent of freight movement, a situation that has worsened road deterioration and increased the cost of goods nationwide.
Addressing fisheries and aquaculture, Oyetola said Nigeria’s annual fish demand of over 3.6 million metric tonnes far exceeds domestic production of about 1.4 million metric tonnes, leading to imports valued at more than one billion dollars annually.
He added that post-harvest losses of up to 30 per cent further reduce supply, assuring that the ministry is intensifying efforts to boost local production and cut imports.
The minister disclosed that in 2025, only ₦202.47 million was released out of a revised capital budget of ₦3.53 billion, representing about 1.7 per cent, while overhead releases stood at 35 per cent.
He said discussions were ongoing with the Ministry of Budget and Economic Planning to address funding gaps in line with the Federal Government’s economic diversification agenda.
Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshilokun, assured that the National Assembly would thoroughly examine the proposals, noting the sector’s strategic importance to national development and economic resilience.
Bashir M
