The Minister of Marine and Blue Economy, Adegboyega Oyetola, has expressed concerns that the proposed capital budget of ₦11.7 billion and overhead of ₦453.9 million allocated to his ministry for 2025 are insufficient to address its operational and developmental needs.
Speaking during the 2025 Budget Defence before the Joint Committee of the Senate on Marine Transport and House Committees on Ports and Harbour, Maritime Safety, Education and Administration, Inland Waterways, and Shipping Services, the Minister emphasised the necessity of increased funding to achieve the ministry’s mandate effectively.
Oyetola revealed that as of December 2024, the ministry had spent about ₦10 billion out of its 2024 capital appropriation of ₦10.8 billion, leaving a balance of ₦874.7 million. He said the remaining amount is scheduled for expenditure in the first quarter of 2025.
He also noted that the ministry fully utilized its ₦191.1 million overhead allocation for 2024 and received a take-off grant of ₦625 million, out of which ₦523.8 million was committed to various activities, including funding for the Fisheries Department.
The Minister highlighted critical challenges facing the ministry, including port infrastructure decay, inadequate fish production, and waterway safety issues, all of which require immediate and substantial attention.
He said among the key projects initiated to address these challenges is the development of Inland Dry Ports in Ijebu-Ode, Ogun State, and Moniya, Oyo State.
He said the dry ports, which are currently at the design consultancy stage, are intended to take pressure off the main ports in Lagos.
Oyetola outlined the ministry’s plans for 2025, which include the provision of life jackets to riverine communities to enhance safety following an increase in boat mishaps caused by rising traffic on inland waterways.
Other planned initiatives include replacing old wooden boats with standardised crafts for commercial transport and undertaking capital dredging at critical river locations to improve navigation.
He said under the 2024 appropriation, the ministry finalised key policy documents, including Nigeria’s National Blue Economy Strategy, the Fisheries and Aquaculture Policy, the Strategic Roadmap for Nigeria’s Blue Economy, and the National Policy for Marine and Blue Economy. These documents, according to him, serve as the foundation for a robust policy framework that will guide sustainable development in the sector.
Despite these achievements, the Minister lamented the ministry’s inability to access the 2024 capital appropriation for the Fisheries and Aquaculture Department.
However, he expressed optimism about proposed projects in the fisheries and aquaculture sub-sector under the 2025 budget, noting that they are strategically tied to government capital investments to ensure food security and accelerated implementation.
Calling for increased allocations, Oyetola stressed that substantial investments are essential to support the ministry’s ambitious goals.
“The proposed total capital budget of ₦11.7 billion and overhead of ₦453.9 million, though inadequate, is for your kind consideration,” he told the lawmakers.
The Minister reaffirmed the Federal Government’s commitment to building on the successes of 2024 by prioritising ports infrastructure development, increased fish production, enhanced maritime safety, and the deployment of technology to improve operations and revenue generation.
These efforts, he said, are in line with the 2025 budget theme, “Budget of Restoration: Securing Peace, Rebuilding Prosperity.”
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