The Minister of Marine and Blue Economy, Adegboyega Oyetola, presented the N10,499,984,667.10 budget proposal for the 2026 fiscal year, lamenting that the allocation was inadequate to effectively drive reforms and growth across the sector.
Oyetola made this known on Tuesday in a statement signed by the ministry, while defending the ministry’s estimates 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 minister said, ‘The proposed budget, which comprises N8.24 billion for capital expenditure, N453.86 million for overheads, and N1.81 billion for personnel costs, would only sustain minimal operational continuity rather than deliver meaningful reforms or sectoral growth’.
He explained that the ministry supervises interconnected subsectors, including ports, shipping, inland waterways, fisheries, and aquaculture, which collectively handle over 90 per cent of Nigeria’s international trade by volume and are central to food security and economic competitiveness.
Oyetola noted that although agencies such as the Nigerian Ports Authority, Nigerian Maritime Administration and Safety Agency and Nigerian Shippers’ Council are self-funding and remit significant revenues to the Consolidated Revenue Fund, their operations are being constrained by deductions at source.
He said the deductions had ‘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’, stressing that what appeared to be an accounting issue had become a national economic concern.
The minister also raised concern over what he described as a budgetary misalignment.
‘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 even though it is an agency under the Federal Ministry of Marine and Blue Economy’, he said, adding that ‘the misalignment undermined clarity in oversight and policy coherence within the maritime logistics value chain’.
On inland waterways, Oyetola appealed for increased funding to curb accidents and fatalities. He noted that ‘water transport is globally recognised as significantly cheaper than road transport’, lamenting that Nigeria’s heavy reliance on road haulage for over 80 per cent of freight movement had worsened road deterioration and increased the cost of goods.
He argued that safer and more efficient inland waterways would ease pressure on roads and lower logistics costs.
Addressing fisheries and aquaculture, the minister said, ‘Nigeria’s annual fish demand of over 3.6 million metric tonnes far exceeded domestic production of about 1.4 million metric tonnes, sustaining imports valued at more than one billion dollars annually’.
He added that ‘post-harvest losses of up to 30 per cent further reduced supply, despite fish being one of the most affordable sources of animal protein for Nigerian households’, assuring that the ministry was working to boost local production and reduce import dependence.
Oyetola further disclosed that ‘in 2025, the ministry’s revised capital budget of N3.53 billion recorded an actual cash release of just N202.47 million, representing about 1.7 per cent, while overhead releases stood at 35 per cent’.
He added that engagements were 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 minister’s warning comes as stakeholders continue to raise concerns about inadequate funding, heavy remittances, and deductions affecting key maritime agencies, limiting investment in port infrastructure and efficiency.
Frequent boat mishaps and Nigeria’s heavy reliance on fish imports have also underscored the need for stronger funding and reforms in inland waterways and aquaculture, reinforcing concerns that current budget allocations may be insufficient to drive meaningful growth in the sector.
