By Chimezie Godfrey
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has said the ₦10.5 billion proposed for his ministry in the 2026 budget is inadequate to drive meaningful sectoral development.
He stated this on Tuesday while defending the ministry’s budget before a joint sitting of Senate and House committees.
Oyetola said the allocation of ₦10,499,984,667.10 would only sustain minimal operations.
“This allocation is grossly insufficient to effectively execute our wide-ranging mandate,” he said.
He explained that the budget comprises ₦8.24 billion for capital projects, ₦453.86 million for overheads and ₦1.81 billion for personnel.
According to him, the ministry oversees critical subsectors such as ports, shipping, inland waterways and fisheries.
“These sectors handle over 90 per cent of Nigeria’s international trade by volume,” he noted.
Oyetola said self-funding agencies under the ministry are constrained by excessive deductions.
“Deductions by the Office of the Accountant-General have weakened liquidity and operational flexibility,” he said.
He warned that the development has resulted in port congestion and increased logistics costs.
The minister also faulted the placement of CRFFN’s budget under the Ministry of Transportation.
“This misalignment undermines policy coherence within the maritime logistics chain,” he stated.
On inland waterways, Oyetola called for increased funding to reduce accidents.
He said Nigeria’s dependence on road transport for over 80 per cent of freight has worsened infrastructure and raised costs.
On fisheries, he disclosed that Nigeria imports over $1 billion worth of fish annually due to production gaps.
“Our annual demand exceeds 3.6 million metric tonnes, while production is about 1.4 million,” he said.
He added that post-harvest losses further worsen supply.
Oyetola revealed that in 2025, only ₦202.47 million was released from a ₦3.53 billion capital budget.
He said talks are ongoing to address funding gaps.
The Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshilokun, assured lawmakers’ support.
“We will carefully examine the proposals because of the sector’s strategic importance,” he said.