Nigeria Marine Ministry's Inadequate Budget

Gboyega Oyetola, the Minister of Marine and Blue Economy, presented a N10.5 billion budget proposal for the Nigeria — Federal Ministry of Marine and Blue Economy for the 2026 fiscal year, deeming it grossly insufficient. He highlighted that this allocation would only sustain minimal operations, hindering meaningful reforms in critical subsectors like ports, shipping, inland waterways, fisheries, and aquaculture, which are vital for Nigeria's trade, transport efficiency, and food security. Oyetola also criticized excessive deductions by the Nigeria — Office of the Accountant General of the Federation from self-funding agencies such as the Nigeria — Nigerian Ports Authority, Nigeria — Nigerian Maritime Administration and Safety Agency, and Nigeria — Nigerian Shippers Council, which have weakened their liquidity and operational flexibility. He further pointed out a misalignment where the Nigeria — Council for the Regulation of Engineering in Nigeria's budget was wrongly placed under the Germany — Federal Ministry for Transport. The minister appealed for increased funding for inland waterways to improve safety and reduce accidents, and for fisheries and aquaculture to boost local production and reduce over $1 billion in annual imports. He also revealed that in 2025, only 1.7% of the ministry's revised capital budget was released. The Nigeria — National Assembly (Nigeria) assured a careful examination of the proposals.