The Federal Ministry of Marine and Blue Economy has presented a N10.5 billion budget proposal for the 2026 fiscal year, with Minister Dr. Adegboyega Oyetola warning that the allocation is grossly insufficient to execute the ministry’s broad mandate critical to trade, transport efficiency, and national food security.
Oyetola made the disclosure on Tuesday 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, Shipping Services, Inland Waterways, and Ocean and Fisheries.
The proposed budget comprises N8.24 billion for capital expenditure, N453.86 million for overheads, and N1.81 billion for personnel costs. The minister argued that these funds would only sustain minimal operational continuity rather than enable meaningful sector reforms or growth.
He explained that the ministry oversees interconnected subsectors including ports, shipping, inland waterways, fisheries, and aquaculture. These sectors collectively handle over 90 per cent of Nigeria’s international trade by volume, support national food and nutrition security, and contribute to economic competitiveness.
Oyetola noted that although agencies such as the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), and Nigerian Shippers’ Council are largely self-funding and remit significant revenues to the Consolidated Revenue Fund, their operations are constrained by excessive deductions at source by the Office of the Accountant-General of the Federation.
“These deductions have weakened liquidity and reduced the operational flexibility of key agencies responsible for maritime safety, port efficiency, and regulatory oversight,” the minister said. He added that the situation has contributed to port congestion, higher logistics costs, delayed cargo movement, revenue losses, and inflationary pressures.
The minister also flagged a misalignment in budget allocations, stating that the 2026 budget for the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) was erroneously placed under the Ministry of Transportation instead of the Ministry of Marine and Blue Economy, undermining oversight and policy coherence.
On inland waterways, Oyetola appealed for increased funding to reduce accidents and loss of lives, noting that water transport is globally cheaper than road transport. He emphasized that Nigeria’s reliance on road haulage for over 80 per cent of freight movement has worsened road deterioration and increased goods costs, while safer and more efficient waterways would ease pressure on roads and lower logistics costs.
On fisheries and aquaculture, the minister highlighted Nigeria’s annual fish demand of over 3.6 million metric tonnes, far above domestic production of about 1.4 million metric tonnes, sustaining imports valued at more than one billion dollars annually. He added that post-harvest losses of up to 30 per cent further reduce supply, despite fish being a critical source of affordable protein for households. He assured that efforts are underway to increase local production and reduce imports.
Oyetola also 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 about 1.7 per cent, while overhead releases stood at 35 per cent. He said ongoing engagements with the Ministry of Budget and Economic Planning aim to address 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 carefully review the proposals, noting the strategic importance of the marine and blue economy to Nigeria’s economic development and resilience.
