By Oluyinka Onigbinde
The Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola on Tuesday presented a ₦10,499,984,667.10 budget proposal for the ministry for the 2026 fiscal year, warning that the allocation was far from sufficient to effectively execute the ministry’s mandate across Nigeria’s maritime sector.
Oyetola made the revelation while defending the 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.
According to the minister, the proposed budget which comprises ₦8.24 billion for capital expenditure, ₦453.86 million for overhead costs, and ₦1.81 billion for personnel would only sustain minimal operational continuity rather than drive meaningful sectoral reforms or growth.
He stressed that the ministry oversees multiple interlinked subsectors, including ports, shipping, inland waterways, fisheries, and aquaculture, all of which collectively handle over 90 per cent of Nigeria’s international trade by volume, national food security, and economic competitiveness.
“While agencies such as the Nigerian Ports Authority, Nigerian Maritime Administration and Safety Agency, and Nigerian Shippers’ Council are self-funding and make significant remittances to the Consolidated Revenue Fund, their operations are being severely constrained by excessive deductions at source by the Office of the Accountant-General of the Federation,” Oyetola said.
He warned that these deductions had weakened liquidity and reduced operational flexibility, with far-reaching consequences, including port congestion, higher logistics costs, delayed cargo movement, revenue losses, and inflationary pressures. “What appears to be an accounting issue has become a national economic concern,” the minister said.
Oyetola also highlighted a critical misalignment in budget allocations, noting that the 2026 budget for the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) was wrongly placed under the Ministry of Transportation, despite the agency falling under his ministry. He said the misplacement undermined policy coherence and oversight within the maritime logistics value chain.
On inland waterways, the minister appealed for increased funding to prevent accidents and loss of lives, emphasising that water transport is globally recognised as significantly cheaper than road transport. He lamented that Nigeria’s overreliance on road haulage—responsible for more than 80 per cent of freight movement—has worsened road deterioration and increased the cost of goods. “Safer and more efficient inland waterways will ease pressure on roads and lower logistics costs,” he said.
On fisheries and aquaculture, Oyetola disclosed that Nigeria’s annual fish demand of over 3.6 million metric tonnes far outstrips domestic production of roughly 1.4 million metric tonnes, sustaining imports valued at more than one billion dollars annually. Post-harvest losses of up to 30 per cent further reduce supply, he noted, despite fish being one of the most affordable sources of animal protein for Nigerian households. He assured that the ministry is working to boost local fish production and reduce reliance on imports.
The minister further revealed that in 2025, the ministry’s revised capital budget of ₦3.53 billion recorded an actual cash release of just ₦202.47 million, representing approximately 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 address the funding gaps 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 give the proposals careful consideration, stressing the strategic importance of the marine and blue economy to national development and economic resilience.
