Oyetola Submits ₦10.5bn 2026 Marine and Blue Economy Budget, Decries Funding Shortfall

The Minister of Marine and Blue Economy, His Excellency Dr. Adegboyega Oyetola, CON, on Tuesday presented a budget proposal of ₦10,499,984,667.10 for the Federal Ministry of Marine and Blue Economy for the 2026 fiscal year, expressing concern that the allocation was grossly inadequate to effectively carry out the ministry’s extensive mandate, which is vital to Nigeria’s trade, transport efficiency and food security.

Dr. Oyetola disclosed this while defending the ministry’s budget before a joint session 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 explained that the proposed budget consists of ₦8.24 billion for capital expenditure, ₦453.86 million for overhead costs and ₦1.81 billion for personnel expenses, noting that the allocation would merely sustain basic operations rather than drive meaningful reforms or growth within the sector.
According to the minister, the ministry supervises several interrelated subsectors such as ports, shipping, inland waterways, fisheries and aquaculture, which together account for over 90 per cent of Nigeria’s international trade by volume, support national food and nutrition security, and enhance economic competitiveness. He noted that although agencies including the Nigerian Ports Authority, Nigerian Maritime Administration and Safety Agency and the Nigerian Shippers’ Council are self-financing and contribute substantially to the Consolidated Revenue Fund, their operations are being severely hampered by excessive deductions at source by the Office of the Accountant-General of the Federation.
He said these deductions have weakened liquidity and limited the operational flexibility of key maritime agencies, negatively affecting maritime safety, port efficiency and regulatory oversight. This, he added, has led to port congestion, increased logistics costs, delays in cargo movement, revenue losses and inflationary pressures, stressing that what seemed like a mere accounting matter had escalated into a national economic issue.
Dr. Oyetola further pointed out that the 2026 budget of the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) was incorrectly placed by the Budget Office under the Federal Ministry of Transportation, despite being an agency of the Federal Ministry of Marine and Blue Economy. He said the error undermined proper oversight and policy coordination within the maritime logistics value chain.
On inland waterways, the minister appealed for improved funding to reduce accidents and loss of lives, noting that water transport is globally acknowledged as significantly cheaper than road transport. He observed that Nigeria’s dependence on road haulage for more than 80 per cent of freight movement has accelerated road deterioration and raised the cost of goods, arguing that safer and more efficient inland waterways would ease pressure on roads and reduce logistics costs.
Addressing fisheries and aquaculture, Oyetola said Nigeria’s annual fish demand, estimated at 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 each year. He added that post-harvest losses of up to 30 per cent further diminish supply, despite fish being among the most affordable sources of animal protein for Nigerian households. He assured that the ministry is intensifying efforts to boost local fish production and reduce import dependence.
The minister also revealed that in 2025, the ministry’s revised capital budget of ₦3.53 billion recorded an actual cash release of only ₦202.47 million, representing about 1.7 per cent, while overhead releases stood at 35 per cent.
He said discussions were ongoing with the Ministry of Budget and Economic Planning to address the funding shortfalls in line with the Federal Government’s commitment to economic diversification through the marine and blue economy.
In his response, the Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshilokun, assured that the National Assembly would thoroughly examine the proposals, emphasising the strategic importance of the marine and blue economy to national development and economic resilience.