The Minister of Marine and Blue Economy, Adegboyega Oyetola has presented the sum of N10.9 billion as 2024 budget for his ministry to the joint committees of the Senate on Marine Transport and the House of Representatives committees on Ports and Harbour, Maritime Safety, Education and Administration, Inland Waterways and Shipping Services.
Oyetola said the proposed budget is to enable the newly created ministry perform its role of oversight and monitoring the implementation of government policies across agencies under its purview in the marine and blue economy domain.
“You are aware that the 2024 budget is for economic growth, therefore, the Federal Ministry of Marine and Blue Economy and its agencies under the 2024 budget seek to consider and sustain on the achievements and performances recorded in the past years,” he said.
The Minister noted that the ministry will place primacy on ports infrastructural development by way of modernisation of the Apapa and Tin Can ports in Lagos the eastern ports and equally dredge the inland and coastal waterways.
Presenting the ministry’s budget along with those of its agencies namely Nigerian Ports Authority (NPA), National Maritime Administration and Safety Agency (NIMASA), National Inland Waterways Authority (NIWA), Nigerian Shippers’ Council (NSC), Maritime Academy of Nigeria, Oron and Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), Oyetola informed the committee that NPA, NIMASA and NSC are fully self-funding and also make reasonable remittances into the Federal Government’s Consolidated Revenue Fund account.
He said MAN Oron, NIWA and the CRFFN derive their funding from the Federal Government’s budget and internally generated revenue. He also made note of the CRFFN’s appropriation for 2023 which was erroneously removed and requested for the matter to be revisited.
Chairman, Senate Committee on Marine Transport, Sen. Wasiu Sanni, assured the minister of the join committee’s support to enable the maritime sector perform optimally.
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