Oyetola Presents ₦10.5bn 2026 Marine and Blue Economy Budget, Laments Inadequate Funding
OYETOLA. Minister of Marine and Blue Economy
Committee members get commendation letters over Nigeria’s IMO council election victory
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, CON, on Tuesday presented a ₦10,499,984,667.10 budget proposal for the Federal Ministry of Marine and Blue Economy for the 2026 fiscal year, lamenting that the allocation was grossly insufficient to effectively execute the ministry’s wide-ranging mandate critical to Nigeria’s trade, transport efficiency and food security.
Oyetola made this known while defending the ministry’s budget before a joint sitting 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.
In a statement issued by his Media Adviser, Dr. Bolaji Akinola, he said the proposed budget, which comprises ₦8.24 billion for capital expenditure, ₦453.86 million for overheads and ₦1.81 billion for personnel costs, would only sustain minimal operational continuity rather than deliver meaningful reforms or sectoral growth.
The minister explained that the ministry oversees interconnected subsectors including ports, shipping, inland waterways, fisheries and aquaculture, which collectively handle over 90 per cent of Nigeria’s international trade by volume, national food and nutrition security, and economic competitiveness. He noted that while agencies such as the Nigerian Ports Authority, Nigerian Maritime Administration and Safety Agency and Nigerian Shippers’ Council were self-funding and made significant remittances to the Consolidated Revenue Fund, their operations were being severely constrained by excessive deductions at source by the Office of the Accountant-General of the Federation.
According to him, these 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. He stressed that what appeared to be an accounting issue had become a national economic concern.
Oyetola also said that the 2026 budget of the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) was wrongly placed by the Budget Office under the Federal Ministry of Transportation despite the fact that it is an agency under the Federal Ministry of Marine and Blue Economy, saying the misalignment undermined clarity in oversight and policy coherence within the maritime logistics value chain.
On inland waterways, the Minister appealed for increased funding to curb accidents and loss of lives. He said water transport is globally recognised as significantly cheaper than road transport. He noted 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, arguing that safer and more efficient inland waterways would ease pressure on roads and lower logistics costs.
On fisheries and aquaculture, Oyetola 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. He assured that the Ministry is working hard to increase local fish production and reduce importation.
The minister disclosed that in 2025, the ministry’s revised capital budget of ₦3.53 billion recorded an actual cash release of just ₦202.47 million, representing about 1.7 per cent, while overhead releases stood at 35 per cent.
He said 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 Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshilokun, assured that the National Assembly would carefully examine the proposals, noting the strategic importance of the marine and blue economy to national development and economic resilience.
Meanwhile, the Federal Government has issued commendation letters to nine members of the Inter-Ministerial Committee in recognition of their outstanding contributions to Nigeria’s successful election into Category C of the Council of the International Maritime Organization (IMO) for the 2026–2027 biennium. The election was held on 28 November 2025 in London, where Nigeria secured a seat on the IMO Council, marking a significant milestone in the country’s maritime and diplomatic engagements.
The commendation letters, dated 28 January 2026, were signed by the Honourable Minister of Marine and Blue Economy, His Excellency Dr Adegboyega Oyetola, CON. In the letters, the Minister expressed the Federal Government’s deep appreciation for the commitment, professionalism and strategic coordination demonstrated by the committee members throughout the campaign process that culminated in Nigeria’s victory.
Those commended include the Chairman of the committee, Olufemi Oloruntola, former Permanent Secretary of the Federal Ministry of Marine and Blue Economy, alongside Babatunde Bombata, former Director of the Maritime Safety and Security Department of the Ministry; Dr Abubakar Dantsoho, Managing Director of the Nigerian Ports Authority; Dr Dayo Mobereola, Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA); Ambassador Obinna Chiedu Onowu, Director at the International Organisations Department of the Ministry of Foreign Affairs; Dr Ade Dosunmu, former Director-General of NIMASA; Dr Bolaji Akinola, Special Adviser to the Honourable Minister; Dr Paschal Ogar, Assistant Director in the Maritime Safety and Security Department of the Ministry, who served as Secretary to the committee; and Mr William Balla, Nigeria’s Alternate Permanent Representative to the IMO.
In particular, the Minister acknowledged the strategic leadership and instrumental role played by the committee members in securing Nigeria’s success at the IMO Council elections. According to Dr Oyetola, the effective campaign coordination and sustained engagement with IMO Member States by the committee were pivotal to the country’s resounding victory.
“Your strategic engagement with IMO Member States and effective campaign management were pivotal to Nigeria’s resounding success at the election, showcasing your steadfast dedication and unrelenting commitment to advancing Nigeria’s maritime interests,” the Minister stated. He added that the efforts of the committee were critical in showcasing Nigeria’s maritime reforms, capacity and potential on the global stage, thereby strengthening the nation’s standing within the international maritime community.
Dr Oyetola further noted that the contributions of the committee members reinforced Nigeria’s commitment to the objectives of the IMO and enhanced international maritime cooperation. He conveyed the Federal Government’s confidence in their continued dedication to advancing Nigeria’s maritime ambitions and promoting the country’s interests within global maritime governance.
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, CON, on Tuesday presented a ₦10,499,984,667.10 budget proposal for the Federal Ministry of Marine and Blue Economy for the 2026 fiscal year, lamenting that the allocation was grossly insufficient to effectively execute the ministry’s wide-ranging mandate critical to Nigeria’s trade, transport efficiency and food security.
Oyetola made this known while defending the ministry’s budget before a joint sitting 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.
In a statement issued by his Media Adviser, Dr. Bolaji Akinola, he said the proposed budget, which comprises ₦8.24 billion for capital expenditure, ₦453.86 million for overheads and ₦1.81 billion for personnel costs, would only sustain minimal operational continuity rather than deliver meaningful reforms or sectoral growth.
The minister explained that the ministry oversees interconnected subsectors including ports, shipping, inland waterways, fisheries and aquaculture, which collectively handle over 90 per cent of Nigeria’s international trade by volume, national food and nutrition security, and economic competitiveness. He noted that while agencies such as the Nigerian Ports Authority, Nigerian Maritime Administration and Safety Agency and Nigerian Shippers’ Council were self-funding and made significant remittances to the Consolidated Revenue Fund, their operations were being severely constrained by excessive deductions at source by the Office of the Accountant-General of the Federation.
According to him, these 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. He stressed that what appeared to be an accounting issue had become a national economic concern.
Oyetola also said that the 2026 budget of the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) was wrongly placed by the Budget Office under the Federal Ministry of Transportation despite the fact that it is an agency under the Federal Ministry of Marine and Blue Economy, saying the misalignment undermined clarity in oversight and policy coherence within the maritime logistics value chain.
On inland waterways, the Minister appealed for increased funding to curb accidents and loss of lives. He said water transport is globally recognised as significantly cheaper than road transport. He noted 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, arguing that safer and more efficient inland waterways would ease pressure on roads and lower logistics costs.
On fisheries and aquaculture, Oyetola 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. He assured that the Ministry is working hard to increase local fish production and reduce importation.
The minister disclosed that in 2025, the ministry’s revised capital budget of ₦3.53 billion recorded an actual cash release of just ₦202.47 million, representing about 1.7 per cent, while overhead releases stood at 35 per cent.
He said 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 Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshilokun, assured that the National Assembly would carefully examine the proposals, noting the strategic importance of the marine and blue economy to national development and economic resilience.
Meanwhile, the Federal Government has issued commendation letters to nine members of the Inter-Ministerial Committee in recognition of their outstanding contributions to Nigeria’s successful election into Category C of the Council of the International Maritime Organization (IMO) for the 2026–2027 biennium. The election was held on 28 November 2025 in London, where Nigeria secured a seat on the IMO Council, marking a significant milestone in the country’s maritime and diplomatic engagements.
The commendation letters, dated 28 January 2026, were signed by the Honourable Minister of Marine and Blue Economy, His Excellency Dr Adegboyega Oyetola, CON. In the letters, the Minister expressed the Federal Government’s deep appreciation for the commitment, professionalism and strategic coordination demonstrated by the committee members throughout the campaign process that culminated in Nigeria’s victory.
Those commended include the Chairman of the committee, Olufemi Oloruntola, former Permanent Secretary of the Federal Ministry of Marine and Blue Economy, alongside Babatunde Bombata, former Director of the Maritime Safety and Security Department of the Ministry; Dr Abubakar Dantsoho, Managing Director of the Nigerian Ports Authority; Dr Dayo Mobereola, Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA); Ambassador Obinna Chiedu Onowu, Director at the International Organisations Department of the Ministry of Foreign Affairs; Dr Ade Dosunmu, former Director-General of NIMASA; Dr Bolaji Akinola, Special Adviser to the Honourable Minister; Dr Paschal Ogar, Assistant Director in the Maritime Safety and Security Department of the Ministry, who served as Secretary to the committee; and Mr William Balla, Nigeria’s Alternate Permanent Representative to the IMO.
In particular, the Minister acknowledged the strategic leadership and instrumental role played by the committee members in securing Nigeria’s success at the IMO Council elections. According to Dr Oyetola, the effective campaign coordination and sustained engagement with IMO Member States by the committee were pivotal to the country’s resounding victory.
“Your strategic engagement with IMO Member States and effective campaign management were pivotal to Nigeria’s resounding success at the election, showcasing your steadfast dedication and unrelenting commitment to advancing Nigeria’s maritime interests,” the Minister stated. He added that the efforts of the committee were critical in showcasing Nigeria’s maritime reforms, capacity and potential on the global stage, thereby strengthening the nation’s standing within the international maritime community.
Dr Oyetola further noted that the contributions of the committee members reinforced Nigeria’s commitment to the objectives of the IMO and enhanced international maritime cooperation. He conveyed the Federal Government’s confidence in their continued dedication to advancing Nigeria’s maritime ambitions and promoting the country’s interests within global maritime governance.
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