Oyetola Unveils ₦10.5bn 2026 Marine, Blue Economy Budget, Decries Funding Shortfalls

The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has presented a ₦10,499,984,667.10 budget proposal for the Federal Ministry of Marine and Blue Economy for the 2026 fiscal year, expressing concern that the allocation falls far short of what is required to effectively discharge the ministry’s extensive responsibilities vital to Nigeria’s trade, transport efficiency and food security.

Dr. Oyetola made the disclosure while defending the ministry’s 2026 budget before a joint session 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.

According to him, the proposed budget consists of ₦8.24 billion for capital expenditure, ₦453.86 million for overhead costs and ₦1.81 billion earmarked for personnel expenses.

He noted that the allocation would only allow the ministry to maintain basic operations, rather than drive meaningful reforms or stimulate growth across the sector.

The minister explained that the ministry supervises several interlinked subsectors—ports, shipping, inland waterways, fisheries and aquaculture—which together account for more than 90 per cent of Nigeria’s international trade by volume, contribute significantly to national food and nutrition security, and underpin the country’s economic competitiveness.

He pointed out that agencies such as the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Shippers’ Council are self-financing and remit substantial revenues to the Consolidated Revenue Fund.

However, he said their effectiveness has been hampered by heavy deductions at source by the Office of the Accountant-General of the Federation.

Dr. Oyetola stated that these deductions have eroded liquidity and limited the operational flexibility of key maritime agencies responsible for safety, port efficiency and regulatory oversight.

He warned that the consequences include port congestion, increased logistics costs, delays in cargo clearance, revenue losses and rising inflationary pressures, stressing that what may appear as a bookkeeping matter has evolved into a broader national economic issue.

The minister further noted that the 2026 budget of the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) was erroneously placed by the Budget Office under the Federal Ministry of Transportation, instead of the Federal Ministry of Marine and Blue Economy.

He said the misclassification undermines effective oversight and policy coordination within the maritime logistics value chain.

On inland waterways, Dr. Oyetola appealed for enhanced funding to address frequent accidents and loss of lives. He emphasized that water transportation is globally acknowledged as far more cost-effective than road transport.

He observed that Nigeria’s dependence on road haulage for over 80 per cent of freight movement has accelerated road degradation and driven up the cost of goods, adding that a safer and more efficient inland waterways system would reduce pressure on roads and lower logistics expenses.

Addressing fisheries and aquaculture, the minister revealed that Nigeria’s annual fish demand exceeds 3.6 million metric tonnes, while local production stands at about 1.4 million metric tonnes.

This shortfall, he said, sustains fish imports valued at over one billion dollars each year. He added that post-harvest losses estimated at up to 30 per cent further constrain supply, despite fish being among the most affordable sources of animal protein for Nigerian households.

He assured that the ministry is intensifying efforts to boost domestic fish production and cut down on importation.

Dr. Oyetola also disclosed that in 2025, the ministry’s revised capital budget of ₦3.53 billion received an actual cash release of only ₦202.47 million, representing about 1.7 per cent, while overhead releases stood at 35 per cent.

He said discussions are ongoing with the Ministry of Budget and Economic Planning to close the funding gaps, in line with the Federal Government’s agenda to diversify the economy through the marine and blue economy sector.

In his response, the Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshilokun, assured that the National Assembly would give the proposals thorough consideration, noting the critical role of the marine and blue economy in national development and economic resilience.

James Itodo, Edited By Grace Namiji