By Joy Odor Reportcircle News
Nigeria’s ambitious push to unlock the wealth of its oceans, ports and inland waterways hit a hard fiscal wall on Tuesday as the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, CON, laid bare what he described as a dangerously thin budget for a sector that carries the weight of the nation’s trade, food security and logistics backbone.
Presenting a ₦10.49 billion proposal for the 2026 fiscal year before a joint sitting of the Senate and House of Representatives
Committee on Marine Transport, Oyetola warned that the allocation was grossly inadequate to deliver reforms or meaningful growth across the sprawling maritime ecosystem.
“This budget can only keep the lights on,” the minister said in a sober tone. “It cannot drive the transformation this sector urgently requires.”
The proposed envelope ₦8.24 billion for capital expenditure, ₦453.86 million for overheads and ₦1.81 billion for personnel costs would, according to the Minister, barely sustain minimal operational continuity, even as the Ministry oversees some of the most strategic assets of the Nigerian economy.
Oyetola reminded lawmakers that the marine and blue economy spans ports, shipping, inland waterways, fisheries and aquaculture, sectors that together account for over 90 per cent of Nigeria’s international trade by volume, underpin food and nutrition security, and determine the country’s competitiveness in global commerce.
Yet, he revealed, the agencies driving this system are being choked by financial constraints, despite generating significant revenue for the Federation.
Institutions such as the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Shippers’ Council, though largely self-funding and consistent contributors to the Consolidated Revenue Fund, are struggling under excessive deductions at source by the Office of the Accountant-General of the Federation.
“What looks like an accounting procedure has become a national economic problem,” Oyetola warned.
According to him, weakened liquidity has eroded operational flexibility, with ripple effects across the maritime chain port congestion, delayed cargo clearance, rising logistics costs, revenue losses and inflationary pressure that ultimately hit Nigerian consumers.
The minister also drew attention to a budgetary misalignment, disclosing that the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) was erroneously placed under the Federal Ministry of Transportation in the 2026 estimates, despite being an agency of the Ministry of Marine and Blue Economy.
He said the error undermines policy coherence, blurs oversight responsibility and weakens coordination within the maritime logistics value chain.
On inland waterways, Oyetola issued a stark appeal for increased funding, citing frequent accidents and loss of lives. He stressed that water transport globally acknowledged as significantly cheaper than road haulage remains underdeveloped in Nigeria.
With over 80 per cent of freight movement still dependent on roads, he warned that continued neglect of inland waterways would accelerate road deterioration and keep the cost of goods high.
“Safer and more efficient waterways will reduce pressure on roads and cut logistics costs,” he said.
The food security dimension of the crisis came into sharp focus as the minister disclosed that Nigeria’s annual fish demand of over 3.6 million metric tonnes dwarfs domestic production of about 1.4 million metric tonnes, forcing imports valued at more than $1 billion annually.
He added that post-harvest losses of up to 30 per cent further shrink supply, even though fish remains one of the most affordable sources of animal protein for millions of households.
Oyetola assured lawmakers that the ministry is intensifying efforts to boost local fish production, strengthen aquaculture and reduce dependence on imports.
Budget figures from the previous year painted a grim picture: out of a ₦3.53 billion revised capital budget for 2025, the ministry received just ₦202.47 million in cash releases about 1.7 per cent while overhead releases stood at 35 per cent.
He disclosed that discussions were ongoing with the Ministry of Budget and Economic Planning to address the funding gaps, in line with the Federal Government’s drive to diversify the economy through the marine and blue economy.
Responding, Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshilokun, assured that the National Assembly would give the proposals thorough consideration, noting that the sector holds strategic importance for economic resilience, trade expansion and national development.
As the session ended, one reality stood out starkly: Nigeria’s blue economy carries trillion-naira expectations but is being asked to sail on a ₦10.5 billion lifeline.
