By Joshua Yousouph
The Minister of Marine and Blue Economy, His Excellency Adegboyega Oyetola, has proposed a capital budget of ₦11.77 billion and an overhead allocation of ₦453.86 million for the ministry in 2025.
Speaking during the 2025 budget defense session with the Joint Committee of the Senate on Marine Transport and the House of Representatives Committees on Ports and Harbour, Maritime Safety, Education and Administration, Inland Waterways, and Shipping Services, Oyetola outlined key priorities aimed at boosting Nigeria’s blue economy.
Oyetola highlighted the ministry’s oversight of critical government-owned enterprises, including the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), and National Inland Waterways Authority (NIWA) adding that while some agencies, such as the NPA and NIMASA, are self-funded and contribute significantly to the Consolidated Revenue Fund, others, like NIWA and the Maritime Academy of Nigeria, rely on federal funding and internally generated revenue.
In 2024, the minister noted that the ministry utilized ₦9.97 billion of its ₦10.85 billion capital allocation, with the remaining ₦874.71 million set to be expended in early 2025. He also noted that ₦191.08 million was released for overhead expenditure, which was fully utilized by December 2024. Additionally, the ministry received a ₦625 million take-off grant, out of which ₦523.76 million was committed to its activities, particularly in the Fisheries Department.
According to Oyetola, the proposed 2025 budget focuses on addressing critical challenges such as infrastructure decay, silted river courses, inadequate fish production, and the need for modern river crafts. Key projects he noted include dry ports in Ijebu-Ode, Ogun State, and Moniya, Oyo State, aimed at decongesting the Western Port System, as well as safety measures like distributing life jackets to riverine communities and replacing wooden boats with standardized crafts.
Oyetola emphasized the need for greater investment in the fisheries and aquaculture subsector to boost fish production and ensure food security. He added that the ministry plans to initiate capital dredging in selected rivers and implement major projects tied to the government’s capital budget to guarantee timely delivery.
The minister expressed gratitude to lawmakers for their support and urged them to approve the proposed allocations, noting that sustained investment is critical to realizing the full potential of Nigeria’s marine and blue economy. He called for cooperation to strengthen the policy, operational, and administrative structures needed to achieve the ministry’s mandate.
“Quantum investment through the capital budget is necessary for the ministry to deliver on its lofty mandate and potential. I count on your understanding and support to address the very compelling needs of the sector.” Oyetola said.
The Minister also told the law makers that the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) has been readmitted into the funding by federal budget.
He equally told the lawmakers that, while other agencies under his ministry are self-funding, the CRFFN had been removed from the budget. He acknowledged that he made a passionate appeal for the decision to be reversed last year.
Oyetola said: “Today’s Budget Defence is in respect of the Federal Ministry of Marine and Blue Economy and the laying of the Government Owned Enterprises (GOE’s) budget before you which include the Nigerian Ports Authority (NPA). Nigerian Maritime Administration and Safety Agency (NIMASA), National Inland Waterways Authority (NIWA). Nigerian Shippers’ Council (NSC), Maritime Academy of Nigeria Oron and Council for the Regulation of Freight Forwarding in Nigeria.
The Minister stated that, “three of the Agencies under the Ministry, namely: NPA, NIMASA, and NSC, are fully self-funding and make significant remittances to the Consolidated Revenue Fund (CRF/TSA). The National Inland Waterways Authority (NIWA), Maritime Academy of Nigeria, Oron derives their funding from both the FGN Budget and Internally Generated Revenue. The Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) based on my passionate plea has been readmitted into the budget for funding albeit, erroneously under the Federal Ministry of Transport. I trust that you will rectify this. The five Agencies under the Fisheries and Aquaculture sector (Institutes and Colleges) are expected to come fully under the Ministry in the 2025 Budget. I also count on your cooperation on this.
The Chairman, Senate Committee on Marine Transport, Mr Wasiu Eshinlokun, said that the budget proposal seemed inadequate to carry out certain projects, such as dredging, which according to him is capital intensive.
Eshinlokun said that the budget proposal would be reviewed by the appropriation committee, and the ministry would be allocated appropriate funding.
He advised he minister to ensure that capital intensive projects reflected in its 2026 budget proposal in order to ensure adequate appropriation.
