Marine and blue economy minister Adegboyega Oyetola on Tuesday lamented that the ₦10.5 billion budget proposal for the ministry was insufficient to execute its wide-ranging mandate, critical to Nigeria’s trade and transport efficiency.
Mr Oyetola said this while defending the ministry’s budget before a joint sitting of the National Assembly Committees on Marine Transport and Ports and Harbours, and Maritime Safety.
He said that the proposed budget, which comprises ₦8.24 billion for capital expenditure, ₦453.86 million for overheads and ₦1.81 billion for personnel costs, could only sustain minimal operational continuity rather than delivering meaningful reforms or sectoral growth.
The minister explained that the ministry oversees interconnected sub-sectors, including ports, shipping, inland waterways, fisheries, and aquaculture, which collectively handle over 90 per cent of Nigeria’s international trade by volume, support national food and nutrition security, and enhance economic competitiveness.
He noted that agencies such as the Nigerian Ports Authority, the Nigerian Maritime Administration and Safety Agency, and the Nigerian Shippers’ Council were self-funding and made significant remittances to the consolidated revenue fund.
He, however, said that their operations were being severely constrained by excessive deductions from source by the Office of the Accountant-General of the Federation.
According to him, the deductions have 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.
He said that what appeared to be an accounting issue had become a national economic concern.
Mr Oyetola also said that 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.
This, he said, was despite the fact that it is an agency under the Federal Ministry of Marine and Blue Economy.
“The misalignment undermined clarity in oversight and policy coherence within the maritime logistics value chain,” he said.
Chairman of the Senate Committee on Marine Transport, Wasiu Eshilokun, assured that the National Assembly would carefully examine the proposals and the strategic importance of the marine and blue economy to national development and economic resilience.
(NAN)
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