{"id":21324,"date":"2026-02-10T11:34:04","date_gmt":"2026-02-10T10:34:04","guid":{"rendered":"https:\/\/maritimafrica.com\/en\/?p=21324"},"modified":"2026-06-19T11:40:21","modified_gmt":"2026-06-19T10:40:21","slug":"nigeria-oyetola-presents-%e2%82%a610-5bn-2026-marine-and-blue-economy-budget-laments-inadequate-funding","status":"publish","type":"post","link":"https:\/\/maritimafrica.com\/en\/nigeria-oyetola-presents-%e2%82%a610-5bn-2026-marine-and-blue-economy-budget-laments-inadequate-funding\/","title":{"rendered":"NIGERIA &#8211; OYETOLA PRESENTS \u20a610.5BN 2026 MARINE AND BLUE ECONOMY BUDGET, LAMENTS INADEQUATE FUNDING"},"content":{"rendered":"<p style=\"text-align: justify;\"><a href=\"https:\/\/maritimafrica.com\/en\/wp-content\/uploads\/2026\/06\/oyetola-tlAEr9m3.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-21325 alignright\" src=\"https:\/\/maritimafrica.com\/en\/wp-content\/uploads\/2026\/06\/oyetola-tlAEr9m3.png\" alt=\"\" width=\"360\" height=\"442\" srcset=\"https:\/\/maritimafrica.com\/en\/wp-content\/uploads\/2026\/06\/oyetola-tlAEr9m3.png 476w, https:\/\/maritimafrica.com\/en\/wp-content\/uploads\/2026\/06\/oyetola-tlAEr9m3-245x300.png 245w\" sizes=\"auto, (max-width: 360px) 100vw, 360px\" \/><\/a>The Minister of Marine and Blue Economy of Nigeria, His Excellency Dr. Adegboyega Oyetola, CON, on Tuesday presented a \u20a610,499,984,667.10 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\u2019s wide-ranging mandate critical to Nigeria\u2019s trade, transport efficiency and food security.<\/p>\n<p style=\"text-align: justify;\">Oyetola made this known while defending the ministry\u2019s 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.<\/p>\n<p style=\"text-align: justify;\">He said the proposed budget, which comprises \u20a68.24 billion for capital expenditure, \u20a6453.86 million for overheads and \u20a61.81 billion for personnel costs, would only sustain minimal operational continuity rather than deliver meaningful reforms or sectoral growth.<\/p>\n<p style=\"text-align: justify;\">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\u2019s 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\u2019 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.<\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">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\u2019s 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.<\/p>\n<p style=\"text-align: justify;\">On fisheries and aquaculture, Oyetola said Nigeria\u2019s 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.<\/p>\n<p style=\"text-align: justify;\">The minister disclosed that in 2025, the ministry\u2019s revised capital budget of \u20a63.53 billion recorded an actual cash release of just \u20a6202.47 million, representing about 1.7 per cent, while overhead releases stood at 35 per cent.<\/p>\n<p style=\"text-align: justify;\">He said engagements were ongoing with the Ministry of Budget and Economic Planning to address the funding gaps in line with the Federal Government\u2019s drive to diversify the economy through the marine and blue economy.<\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">Source : NPA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Minister of Marine and Blue Economy of Nigeria, His<\/p>\n","protected":false},"author":1,"featured_media":21325,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,1642,442,1327],"tags":[1493,1293,2687,31,32,1485,1297,1388,1326,45],"class_list":["post-21324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-blue-economy","category-news","category-nigeria","tag-africa-en","tag-blue-economy","tag-daily-news","tag-maritimafrica","tag-maritime","tag-maritime-in-africa","tag-maritime-industry-en","tag-news","tag-nigeria-en","tag-shipping-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NIGERIA - OYETOLA PRESENTS \u20a610.5BN 2026 MARINE AND BLUE ECONOMY BUDGET, LAMENTS INADEQUATE FUNDING - Maritimafrica<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/maritimafrica.com\/en\/nigeria-oyetola-presents-\u20a610-5bn-2026-marine-and-blue-economy-budget-laments-inadequate-funding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NIGERIA - OYETOLA PRESENTS \u20a610.5BN 2026 MARINE AND BLUE ECONOMY BUDGET, LAMENTS INADEQUATE FUNDING - Maritimafrica\" \/>\n<meta property=\"og:description\" content=\"The Minister of Marine and Blue Economy of Nigeria, His\" \/>\n<meta property=\"og:url\" content=\"https:\/\/maritimafrica.com\/en\/nigeria-oyetola-presents-\u20a610-5bn-2026-marine-and-blue-economy-budget-laments-inadequate-funding\/\" \/>\n<meta property=\"og:site_name\" content=\"Maritimafrica\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/maritimafrica\" \/>\n<meta property=\"article:published_time\" content=\"2026-02-10T10:34:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-19T10:40:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/maritimafrica.com\/en\/wp-content\/uploads\/2026\/06\/oyetola-tlAEr9m3.png\" \/>\n\t<meta property=\"og:image:width\" content=\"476\" \/>\n\t<meta property=\"og:image:height\" content=\"584\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/maritimafrica.com\\\/en\\\/nigeria-oyetola-presents-%e2%82%a610-5bn-2026-marine-and-blue-economy-budget-laments-inadequate-funding\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/maritimafrica.com\\\/en\\\/nigeria-oyetola-presents-%e2%82%a610-5bn-2026-marine-and-blue-economy-budget-laments-inadequate-funding\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/maritimafrica.com\\\/en\\\/#\\\/schema\\\/person\\\/8fb393d26362e592a3b75669654ebb24\"},\"headline\":\"NIGERIA &#8211; 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