The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has warned that the Federal Government’s proposed ₦10.5 billion budget allocation to the ministry for the 2026 fiscal year is grossly insufficient to deliver on its expansive mandate critical to Nigeria’s trade, transport efficiency and food security.

Oyetola said the proposed budget — comprising ₦8.24 billion for capital expenditure, ₦453.86 million for overheads and ₦1.81 billion for personnel costs — would only sustain minimal operations, rather than drive meaningful reforms or growth in the sector.

The minister spoke on Tuesday while defending the ministry’s budget before a joint session of the Senate Committee on Marine Transport and House of Representatives committees on Ports and Harbours; Maritime Safety, Education and Administration; Shipping Services; Inland Waterways; and Ocean and Fisheries.

He explained that the ministry supervises interconnected subsectors including ports, shipping, inland waterways, fisheries and aquaculture — sectors that collectively handle over 90 per cent of Nigeria’s international trade by volume and play a vital role in national food and nutrition security as well as economic competitiveness.

Oyetola noted that key agencies under the ministry, such as the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Shippers’ Council, are largely self-funding and remit significant revenues to the Consolidated Revenue Fund (CRF).

However, he lamented that excessive deductions at source by the Office of the Accountant-General of the Federation were severely constraining the agencies’ liquidity and operational flexibility.

According to him, the practice has weakened the capacity of critical maritime institutions to deliver on port efficiency, maritime safety and regulatory oversight, with far-reaching implications for port congestion, trade competitiveness and investor confidence.