Oyetola Laments Over ₦10.5bn 2026 Inadequate Marine Budget
By Roland Ekama
Amid Funding Crisis Nigeria’s Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, presented a meager ₦10.5 billion budget proposal for 2026 on Tuesday, sharply criticizing it as grossly insufficient to fulfill the ministry’s vital role in trade, transport, and food security.
Speaking before joint National Assembly committees, Oyetola highlighted how the allocation—₦8.24 billion for capital, ₦453.86 million for overheads, and ₦1.81 billion for personnel—barely sustains basic operations, stifling reforms and growth in ports, shipping, inland waterways, fisheries, and aquaculture.
According to a statement, the minister painted a stark picture of funding shortfalls hobbling Nigeria’s marine sector, which manages over 90% of international trade by volume.
He flagged excessive deductions from self-funding agencies like the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), and Nigerian Shippers’ Council, which drain liquidity and fuel port congestion, logistics delays, revenue losses, and inflation. For context, the CRFFN’s budget was even misallocated to another ministry, eroding oversight coherence.
Oyetola spotlighted inland waterways’ chronic underfunding, urging more resources to prevent accidents and shift freight from roads where Nigeria relies on them for 80% of movement—cutting costs and road wear.
In fisheries, he disclosed that a ₦1 billion plus annual import bill persists due to a 2.2 million metric tonne production gap against 3.6 million tonnes demanded, exacerbated by 30% post-harvest losses; poor funding hampers efforts to boost local output.
The crisis is longstanding: 2025’s ₦3.53 billion capital budget saw just 1.7% cash release (₦202.47 million), with overheads at 35%. Oyetola is pushing the Budget Ministry for fixes to align with economic diversification goals.
Senate Committee Chairman, Wasiu Eshilokun pledged thorough scrutiny, recognizing the sector’s role in national resilience