By Abbanobi -Eku Onyeka
Abuja
The Senate is reviewing the 2026 budget proposal for the Federal Ministry of Marine and Blue Economy, which stands at ₦10,499,984,667.10. Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, presented the budget to a joint sitting of Senate and House of Representatives committees, lamenting that the allocation is grossly insufficient to effectively execute the ministry’s wide-ranging mandate.
Oyetola explained that the proposed budget comprises ₦8.24 billion for capital expenditure, ₦453.86 million for overheads, and ₦1.81 billion for personnel costs, which would only sustain minimal operational continuity rather than deliver meaningful reforms or sectoral growth.
The minister emphasized that the ministry oversees interconnected subsector, including ports, shipping, inland waterways, fisheries, and aquaculture, which collectively handle over 90% of Nigeria’s international trade by volume, national food and nutrition security, and economic competitiveness.
Oyetola noted that 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. However, their operations are being severely constrained by excessive deductions at source by the Office of the Accountant-General of the Federation.
According to Oyetola, these deductions have 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.
The minister also highlighted the misalignment of the 2026 budget of the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), which was wrongly placed under the Federal Ministry of Transportation. He appealed for increased funding to curb accidents and loss of lives on inland waterways.
Oyetola emphasized the importance of water transport, which is globally recognized as significantly cheaper than road transport. He noted that Nigeria’s heavy reliance on road haulage for over 80% of freight movement has worsened road deterioration and increased the cost of goods.
On fisheries and aquaculture, Oyetola stated that Nigeria’s annual fish demand far exceeds domestic production, sustaining imports valued at over $1 billion annually. He assured that the ministry is working to increase local fish production and reduce importation.
The 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 the marine and blue economy to national development and economic resilience.
The Senate is expected to scrutinize the budget proposal and engage with the ministry to address the funding gaps and ensure effective implementation of the marine and blue economy agenda.
