Oyetola Presents N10.5bn 2026 Marine Budget

By 𝔸bdulrazak Tomiwa

Minister Adegboyega Oyetola has presented a N10.5 billion budget for the Marine and Blue Economy ministry. He warned the National Assembly that this amount is inadequate for a sector handling 90% of Nigeria’s trade.

The funding level is seen as a barrier to the growth needed for economic diversification.

The proposal allocates N8.24 billion for capital projects and N1.81 billion for personnel. Oyetola cautioned that these funds only maintain basic operations instead of funding new reforms.

He emphasized the sector’s critical role in ensuring national food security and global trade competition.

Regarding the financial constraints, the Minister stated, “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.”

Agencies like the NPA and NIMASA face liquidity issues due to automatic revenue deductions. Oyetola noted that these constraints cause port congestion and higher logistics costs for Nigerians.

He urged lawmakers to treat these funding gaps as a significant threat to national economic stability.

Budgetary misalignments currently hinder the effective oversight of fisheries and inland waterways. The Minister argued that low funding weakens maritime safety and reduces general port efficiency. Continued underinvestment risks further revenue losses and increases inflationary pressures on the public.

Oyetola concluded by calling for a funding reassessment to unlock the sector’s full economic potential.

The joint committee is now reviewing the estimates to decide on a final allocation. This decision will dictate the success of maritime and blue economy goals for the 2026 fiscal year.