By Abdullateef Bambgose
Minister of Marine and Blue Economy, Dr Adegboyega Oyetola yesterday presented N10,499,984,667.10 budget proposal of the Federal Ministry of Marine and Blue Economy for the 2026 fiscal year.
The minister, however, lamented that the allocation was grossly insufficient to effectively execute the ministry’s wide-ranging 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.
The minister explained that the ministry oversees interconnected subsectors, including ports, shipping, inland waterways, fisheries and aquaculture, which collectively handles over 90 percent 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, are self-funding and make significant remittances to the Consolidated Revenue Fund, their operations are severely constrained by excessive deductions at source by the Office of the Accountant-General of the Federation.
According to him, these deductions had 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.
He stressed that what appeared to be an accounting issue had become a national economic concern.
Oyetola also said 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, despite the fact that it is an agency under the Federal Ministry of Marine and Blue Economy, noting that the misalignment undermined clarity in oversight and policy coherence within the maritime logistics value chain.
On inland waterways, the minister 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 said Nigeria’s heavy reliance on road haulage for over 80 percent of freight movement had 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 cost.
On 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, sustaining imports valued at more than $1 billion annually.
He added that post-harvest losses of up to 30 percent reduced supply, despite fish being one of the most affordable sources of animal protein for households.
He assured 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 N3.53 billion recorded actual cash release of just N202.47 million, representing about 1.7 percent, while overhead releases stood at 35 percent.
He said engagements are ongoing with the Ministry of Budget and Economic Planning to address the funding gap in line with the federal government’s drive to diversify the economy through the marine and blue economy.
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 marine and blue economy to national development and economic resilience.
