Nigeria’s Marine and Blue Economy Faces Funding Crunch, as Minister Oyetola Presents ₦10.5bn Budget For 2026
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, CON, on Tuesday presented a ₦10,499,984,667.10 budget proposal for the 2026 fiscal year, expressed concern that the allocation is grossly insufficient to effectively execute the ministry’s wide-ranging mandate critical to Nigeria’s trade, transport efficiency, and food security.
Oyetola made the revelation while defending the budget before a joint sitting of the Senate Committee on Marine Transport and House of Representatives committees on Ports and Harbours; Maritime Safety, Education and Administration; Shipping Services; Inland Waterways; and Ocean and Fisheries.
The proposed budget comprised ₦8.24 billion for capital expenditure, ₦453.86 million for overhead costs, and ₦1.81 billion for personnel, which the minister said would only sustain minimal operations rather than deliver meaningful reforms or sectoral growth.
Highlighting the ministry’s oversight of ports, shipping, inland waterways, fisheries, and aquaculture, Oyetola noted that these subsectors handle over 90 per cent of Nigeria’s international trade by volume and contribute significantly to national food and nutrition security. He lamented that while agencies like the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), and Nigerian Shippers’ Council (NSC) are largely self-funding, their operations have been constrained by excessive deductions at source by the Office of the Accountant-General of the Federation.
“These deductions have weakened liquidity and reduced operational flexibility, affecting maritime safety, port efficiency, and regulatory oversight, with far-reaching consequences including congestion, higher logistics costs, delayed cargo movement, revenue losses, and inflationary pressures,” Oyetola explained, stressing that what seems like an accounting issue has become a national economic concern.
The minister also highlighted that the 2026 budget of the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) was incorrectly placed under the Federal Ministry of Transportation instead of the Ministry of Marine and Blue Economy, undermining policy coherence within the maritime logistics value chain.
On inland waterways, Oyetola appealed for increased funding to reduce accidents and fatalities, noting that water transport is globally recognized as significantly cheaper than road transport. He stressed that Nigeria’s heavy reliance on road haulage for over 80 per cent of freight movement has worsened road deterioration and increased logistics costs. He added that safer inland waterways would ease pressure on roads and lower the cost of goods.
Regarding fisheries and aquaculture, the minister pointed out that Nigeria’s annual fish demand of over 3.6 million metric tonnes far exceeds domestic production of about 1.4 million metric tonnes, resulting in imports valued at more than one billion dollars annually. Post-harvest losses of up to 30 per cent further exacerbate supply challenges. Oyetola assured that efforts are ongoing to boost local fish production and reduce importation.
He disclosed that in 2025, the ministry’s revised capital budget of ₦3.53 billion recorded an actual cash release of just ₦202.47 million, or 1.7 per cent, while overhead releases stood at 35 per cent. Engagements are ongoing with the Ministry of Budget and Economic Planning to address funding gaps in line with the Federal Government’s drive to diversify the economy through the marine and blue economy.
Senator Wasiu Eshilokun, Chairman of the Senate Committee on Marine Transport, assured that the National Assembly would carefully review the proposals, noting the strategic importance of the marine and blue economy to national development and economic resilience.
