Minister of Marine and Blue Economy, Alhaji Adegboyega Oyetola, has described the ministry’s proposed ₦10.5 billion allocation in the 2026 budget as grossly inadequate to deliver on its expansive mandate.
Oyetola made the remarks on Tuesday while defending the ministry’s budget before a joint session of the National Assembly Committees on Marine Transport and Ports and Harbours, and Maritime Safety. He explained that the proposal includes ₦8.24 billion for capital expenditure, ₦453.86 million for overhead costs, and ₦1.81 billion for personnel.
According to the minister, the allocation would only sustain basic operational continuity rather than drive substantive reforms or sectoral growth across the maritime ecosystem.
He noted that the ministry supervises critical sub-sectors—including ports, shipping, inland waterways, fisheries, and aquaculture—which collectively account for over 90 percent of Nigeria’s international trade by volume. These sectors, he added, also contribute to national food security and economic competitiveness.
Oyetola further highlighted concerns over the financial autonomy of key agencies such as the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), and the Nigerian Shippers’ Council. Although these agencies are self-funding and remit substantial revenues to the Consolidated Revenue Fund, he said excessive deductions at source by the Office of the Accountant-General of the Federation have constrained their liquidity and operational flexibility.
He warned that the funding constraints have contributed to challenges such as port congestion, turning what appears to be an accounting issue into a broader economic concern.
The minister also faulted the Budget Office for listing the 2026 allocation of the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) under the Ministry of Transportation instead of the Marine and Blue Economy Ministry, describing the misclassification as detrimental to policy coherence and oversight within the maritime logistics value chain.
