…says poor funding, agency cash deductions threaten port efficiency, inland waterways
Adegboyega Oyetola, Minister of Marine and Blue Economy, on Tuesday, warned that the proposed ₦10.5 billion budget for 2026 was grossly inadequate to deliver reforms in a sector that underpins Nigeria’s trade, transport efficiency and food security.
Oyetola presented the N10,499,984,667.10 budget proposal while defending the Ministry’s estimates before a joint sitting of the Senate Committee on Marine Transport and House of Representatives Committees on maritime-related matters.
According to him, the allocation, N8.24 billion for capital expenditure, N453.86 million for overheads and N1.81 billion for personnel costs would barely keep the Ministry running, let alone support meaningful growth across Nigeria’s marine and blue economy value chain.
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“This level of funding can only sustain minimal operational continuity,” the minister said, adding that it falls short of what is required to unlock the sector’s full economic potential.
Oyetola explained that the Ministry oversees critical and interconnected subsectors, ports, shipping, inland waterways, fisheries and aquaculture, which together account for over 90% of Nigeria’s international trade by volume, as well as a major share of national food and nutrition security.
He noted that although key agencies such as the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Shippers’ Council are self-funding and make substantial remittances to the Consolidated Revenue Fund, their operations are being hampered by excessive deductions at source by the Office of the Accountant-General of the Federation.
“These deductions have weakened liquidity and reduced operational flexibility,” he said, warning that the ripple effects included port congestion, higher logistics costs, delayed cargo movement, revenue losses and inflationary pressures.
“What may look like an accounting issue has become a national economic concern”, Oyetola stressed.
The minister also faulted the Budget Office for placing the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) under the Federal Ministry of Transportation instead of the Ministry of Marine and Blue Economy, describing the move as a misalignment that undermined oversight clarity and policy coherence within the maritime logistics value chain.
On inland waterways, Oyetola appealed for increased funding to improve safety and reduce accidents and loss of lives, noting that water transport is globally recognised as significantly cheaper than road haulage.
He said Nigeria’s reliance on road transport for over 80% of freight movement had accelerated road deterioration and driven up the cost of goods, arguing that a safer and more efficient inland waterways system would ease pressure on roads and lower logistics costs nationwide.
Addressing fisheries and aquaculture, the minister disclosed that Nigeria’s annual fish demand of over 3.6 million metric tonnes far exceeded domestic production of about 1.4 million metric tonnes, resulting in imports valued at over $1 billion annually.
He added that post-harvest losses of up to 30% further worsened supply shortages, despite fish being one of the most affordable sources of animal protein for Nigerian households.
Oyetola assured lawmakers that the Ministry is intensifying efforts to boost local fish production and reduce dependence on imports.
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He further revealed 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%, while overhead releases stood at 35 per cent.
According to him, discussions are ongoing with the Ministry of Budget and Economic Planning to address funding gaps in line with the Federal Government’s economic diversification agenda through the marine and blue economy.
Responding, Wasiu Eshilokun, Chairman of the Senate Committee on Marine Transport, assured that the National Assembly would scrutinise the proposals, noting that the marine and blue economy remained strategic to economic resilience, trade competitiveness and national development.
