Oyetola Gives Account of N10.8bn 2024 Ministry’s Budget Expenditure, Says N11.7bn 2025 Budget Not Sufficient

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• Reveals CRFFN readmitted into the budget for funding
By Francis Ugwoke
The Minister of Marine and Blue Economy, Chief Adegboyega Oyetola, CON, on Tuesday gave account of how his Ministry spent its capital budget of N10,848,512,984 for last year.
Oyetola during the 2025 budget defence before the Joint Committee of the Senate on Marine Transport and House of Representatives Committees on Ports and Harbour , Marine Safety, Education and Administration: Inland Waterways and Commitfee on Shipping Services, said its proposed capital budget of N11.7bn and overhead of N453.8million would be inadequate to carry out activities planned for the Ministry in 2025.
The Minister explained that the 2025 Budget tagqed “Budget of Restoration : Securing Peace, Rebuilding Prosperity”: for the Ministry of Marine and Blue Economy and its Aqencies under the 2025 Budget seeks to consolidate and sustain on the achievements recorded in the immediate past year.
He said the budget is targeted at focusing on “Ports Infrastructural Development, Increased fish production, Maritime Safety and Security, Information Technology Deployment to improve operation and revenue generation, Human Capacity Building and the Effective Technical and Economic Regulation to ensure the strengthening of blue economy in Nigeria”.

He further explained that only three (3) 2 of the agencies under the Ministry, namely: NPA, NIMASA, and NSC, are fully self-funding and make significant remittances to the Consolidated Revenue Fund (CRF/TSA).

Oyetola added that the National Inland Waterways Authority (NIWA), Maritime Academy of Nigeria, Oron derive their funding from both the FGN Budget and Internally Generated Revenue.

He told the law makers, “The Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) based on my passionate plea has been readmitted into the budget for funding albait and erroneously under the Federal Ministry of Transport. I trust that you will rectify this. The five Agencies under the Fisheries and Aquaculture sector (Institutes and Colleges) are expected to come fully under the Ministry in the 2025 Budqet.
I also count on your cooperation on this”.
On the 2024 budget, Oyetola said that out of the total Capital Appropriation for the Federal Ministry of Marine and Blue Economy in 2024 Budget which was N10,848,512, the sum of N9,973,802,613 has been utilized/committed at the end of December, 2024.
He said the remaining balance of N874,710,371 will be expended in the first Quarter of 2025.

He explained, “In addition, the sum of 191,086,917 was appropriated for Overhead Expenditure. The sum of N191,086,917 was released up to the Month of December, 2024. the released amount was expended as at 27th December, 2024 The Ministry also received a Toke-off Grant of N625,000,000 out of which the sum of N523,763,955 was committed on the Ministrys octivities. All activities related to the Fisheries Department were funded from this grant.
“ As a newly created Ministry our initial focus to set up enduring structures and systems for the effective management 6 of the blue economy sector. The notable deficiencies in the sector such as general infrastructure decay, silted river courses, inadequate fish production, and inadequate river crafts require major attention The Ministry is therefore initiating several projects and programmes aimed at addressing these challenges. The Ministry as you are aware is pleased and happy with your review of the leqal frameworks for the sector, On our part, we are also reinforcing the Ministry’s oversight and monitoring mandate over its Agencies. All of these require greater budgetary provisions.

“Under the 2024 Appropriation, the Ministry finalized the 7 preparation of the Nigeria’s National Blue Economy Strategy. the Fisheries and Aquaculture Policy, the Strategic Roadmap for Nigeria’s Blue Economy and the National Policy for Marine and Blue Economy. These documents are the foundation for a sound policy framework for the Ministry”.
“ Also, pursuant to its mandate and the charge given by Mr. President, the Ministry is developing Dry Ports at Ijebu-Ode and Moniya in Ogun State and Oyo State respectively. These IDPs are targeted for fast tracked delivery to decongest the Western Port System. Design consultancies for the project are on-going-

“ As a quick response to the spate of boat mishaps on our inland water ways occasioned by increased traffic on waterways, the Ministry has targeted the provision of life jackets to the Riverine Communities in the states to boost safety of passengers. Also, major programme to replace rickety wooden boats used for commercial transport with standard ized crafts and capital dredging at selected lo cations on our major rivers are planned for 2025. The Ministry was unable to access the 2024 Capital

“ Appropriation of the Fisheries and Aquaculture Department. However, in the 2025 Budget proposal, the Ministry is initiating major projects in the fisheries and aquaculture subsector to boost fish production. These projects are deliberately tied to governments capital budgets to quarantee fast tracked delivery and assured food security.

“ Quantum investment through the capital budget is 11 necessary for the Ministry to deliver on its lofty mandate and potential. Greater budgetary provision is therefore advocated. The proposed total Capital Budget of N11,770,533,003 (Eleven Billion, Seven Hundred and Seventy Million, Five Hundred and Thirty-three Thousand, Three Naira) and Overhead of N453,856,327 (Four Hundred and Fifty-three Million, Eight Hundred and Fifty-six Thousand, Three hundred and Twenty- seven Naira) though inadequate is for your kind consideration.

“ Finally, let me most heartily thank you all for your unflinching support and cooperation given to the Ministry 12. throughout the past year. I sincerely count on your continued understanding, and urged this August body to consider the propositions and note the very compelling needs of the Ministry to set up enduring policy, operational and administrative structures to deliver the full potentials of the sector”.