The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has presented a budget proposal of ₦10,499,984,667.10 for the Federal Ministry of Marine and Blue Economy for the 2026 fiscal year.
He stated that while the allocation reflects a commitment to advancing the ministry’s initiatives, it may be insufficient to fully realise its broad mandate, which is critical to strengthening Nigeria’s trade, improving transport efficiency, and ensuring food security.
He added that the situation presents an opportunity for constructive dialogue on exploring additional funding strategies to support these national objectives.
Oyetola disclosed this 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, Education and Administration; Shipping Services; Inland Waterways; and Ocean and Fisheries.
He said the proposed budget, comprising ₦8.24 billion for capital expenditure, ₦453.86 million for overheads, and ₦1.81 billion for personnel costs, would only sustain minimal operational continuity rather than deliver meaningful reforms or sectoral growth.
The minister explained that the ministry oversees interconnected subsectors including ports, shipping, inland waterways, fisheries, and aquaculture, which collectively handle over 90 per cent of Nigeria’s international trade by volume, national food and nutrition security, and economic competitiveness.
He 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, but their operations are being severely constrained by excessive deductions at source by the Office of the Accountant General of the Federation.
According to him, the 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.
He stressed that what appears to be an accounting issue has become a national economic concern.
Dr Oyetola also said the 2026 budget of the Council for the Regulation of Freight Forwarding in Nigeria was wrongly placed by the Budget Office under the Federal Ministry of Transportation despite the agency belonging to the Federal Ministry of Marine and Blue Economy, adding that the misalignment undermines clarity in oversight and policy coherence within the maritime logistics value chain.
On inland waterways, the minister appealed for increased funding to curb accidents and loss of lives, noting that water transport is globally recognised as significantly cheaper than road transport.
He observed that Nigeria’s reliance on road haulage for over 80 per cent of freight movement has worsened road deterioration and increased the cost of goods, arguing that safer and more efficient inland waterways would ease pressure on roads and lower logistics costs.
On fisheries and aquaculture, Oyetola said Nigeria’s annual fish demand of more than 3.6 million metric tonnes far exceeds domestic production of about 1.4 million metric tonnes, sustaining imports valued at over one billion dollars annually. He added that post harvest losses of up to 30 per cent further reduce supply, despite fish being one of the most affordable sources of animal protein for Nigerian households.
He assured that the ministry is working to increase local fish production and reduce importation.
The minister disclosed 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 engagements 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.
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.