The International Maritime Organisation (IMO) has approved a budget outline of £86.88 million for the 2026–2027 biennium.
The budget, approved during the organisation’s 134th Council session, allocated £43.17 million (about ₦86.3 billion) for 2026 and £43.71 million (₦87.4 billion) for 2027, with £76.3 million (about ₦152.6 billion) to be funded through Member State assessments.
The Council also endorsed a regular staff complement of 270 posts and approved the proposed budget plan for the IMO’s other funds.
A detailed, results-based budget, along with a draft Assembly resolution reflecting the session’s outcomes, will be presented at the Council’s next meeting ahead of submission to the Assembly.
During the session, the Council reviewed the IMO’s Financial Report and Audited Financial Statements for the year ending 31 December 2024.
The report revealed total revenue of £75.72 million, representing an increase of £7.39 million compared with 2023. Member State contributions accounted for £35.58 million, with a collection rate of 97.96 per cent.
According to the organisation’s financial reports posted on its website, as of 31 May 2025, 70.7 per cent of assessed contributions had been collected, an improvement over the 48.97 per cent recorded at the same point in 2024 and 68.01 per cent in 2023.
The IMO Council encouraged Member States that had not yet fulfilled their financial obligations to do so promptly.
It also approved a draft resolution to improve the efficiency of the Contributions Incentive Scheme, which will be presented for adoption at the 34th IMO Assembly later this year.
The next session of the IMO Council is scheduled to take place from 19 to 21 November 2025 at the IMO headquarters, immediately preceding the 34th Assembly, which will run from 24 November to 3 December 2025.
At the forthcoming Council meeting, the detailed results-based budget and associated draft resolution will be tabled for final consideration before presentation to the Assembly.
Once adopted, the 2026–2027 biennial budget, work plans, and staffing arrangements will come into force.
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