The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has expressed concern over the ₦10.49 billion proposed for the ministry in the 2026 federal budget, describing it as inadequate to meet the sector’s strategic responsibilities to the Nigerian economy.
Oyetola raised the concern on Tuesday while defending the ministry’s budget before a joint session of the Senate Committee on Marine Transport and relevant House of Representatives committees in Abuja.
He explained that the allocation ₦8.24 billion for capital projects, ₦453.86 million for overheads and ₦1.81 billion for personnel costs would only allow skeletal operations, limiting the ministry’s capacity to drive reforms and growth across maritime transport, inland waterways, fisheries and aquaculture.
The minister noted that the marine and blue economy sector supports over 90 per cent of Nigeria’s international trade by volume and plays a critical role in food security and trade competitiveness.
He added that key maritime agencies, despite being largely self-financing, were constrained by heavy deductions at source, which had reduced liquidity and operational effectiveness.
According to him, the deductions had contributed to port congestion, increased logistics costs, delayed cargo movement and broader inflationary pressures, with negative implications for the economy.
Oyetola also pointed out that the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) was wrongly captured under the Ministry of Transportation in the 2026 budget instead of the Ministry of Marine and Blue Economy, a development he said could weaken policy coordination within the maritime value chain.
On inland waterways, the minister called for improved funding to enhance safety and reduce accidents, stressing that over-reliance on road transport for freight movement had worsened road infrastructure and increased the cost of goods.
He further highlighted Nigeria’s fish supply gap, noting that annual demand of over 3.6 million metric tonnes far exceeded local production of about 1.4 million metric tonnes, resulting in imports exceeding $1 billion yearly.
He said the ministry was working to boost local production and reduce post-harvest losses.
Oyetola disclosed that in 2025, only ₦202.47 million was released from a revised capital budget of ₦3.53 billion, while overhead releases stood at about 35 per cent.
He said discussions were ongoing with the Ministry of Budget and Economic Planning to address the funding gaps.
In response, the Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshilokun, assured lawmakers would give due consideration to the proposals, citing the sector’s importance to national development.
