Minister of Marine and Blue Economy, Chief Adegboyega Oyetola, on Tuesday explained why the ministry needed the sum of N11. 7 billion for its operations during the year.
Oyetola who also gave account of the Ministry’s N10 billion expenditure last year during the 2025 budget defence before the Joint Committee of the Senate on Marine Transport and House of Representatives Committees on Ports and Harbour, Marine Safety, Education and Administration: Inland Waterways and Committee on Shipping Services, said its proposed capital budget of N11.7billion and overhead of N453.8million would be inadequate to carry out all the Ministry’s activities planned for 2025.
The Minister explained that the 2025 Budget which he titled “Budget of Restoration : Securing Peace, Rebuilding Prosperity”: for the Ministry of Marine and Blue Economy and its Aqencies under the 2025 Budget seeks to consolidate and sustain on the achievements recorded in the immediate past year.
He said the budget is targeted at focusing on ports infrastructural development, increased fish production, maritime safety and security, information technology deployment to improve operation and revenue generation, human capacity building and the effective technical and economic regulation to ensure the strengthening of blue economy in Nigeria.
He further explained that only three of the agencies under the Ministry, namely: NPA, NIMASA, and NSC, are fully self-funding and make significant remittances to the Consolidated Revenue Fund (CRF/TSA).
Oyetola added that the National Inland Waterways Authority (NIWA), Maritime Academy of Nigeria, Oron derived their funding from both the Federal Government Budget and Internally Generated Revenue.
He told the law makers that the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) has been readmitted into the budget for funding even though erroneously put under the Federal Ministry of Transport. He said he trusted that the error would be rectified.
On the 2024 budget, Oyetola said that out of the total Capital Appropriation of N10.8 billion for the Federal Ministry of Marine and Blue Economy in 2024, the sum of N9,973,802,613 was utilized and committed at the end of December, 2024.
He disclosed that the balance of N874,710,371 would be expended in the first quarter of 2025.
According to him, an additional sum of N191,086,917 was appropriated for overhead expenditure why the sum of N191,086,917 was released up to the Month of December, 2024, adding that the released amount was expended as at 27th December, 2024.
The Minister also revealed that the ministry received a take-off grant of N625,000,000, out of which the sum of N523,763,955 was committed on the Ministry’s activities.
All activities related to the Fisheries Department, Oyetola said, were funded from the grant.
The minister said that as a newly created ministry, it’s initial focus was to set up enduring structures and systems for the effective management of the blue economy sector, noting the deficiencies in the sector such as general infrastructure decay, silted river courses, inadequate fish production, and inadequate river craft. He said the Ministry was initiating several projects and programmes aimed at addressing the challenges.
The minister said the ministry is reinforcing its oversight and monitoring mandate over its agencies, adding that all require greater budgetary provisions.
Oyetola informed the Committee members that under the 2024 Appropriation, the Ministry finalized the seven preparation of the 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.
The documents, he noted, are the foundation for a sound policy framework for the Ministry.
Also in pursuant to its mandate and the charge given by President Bola Tinubu, the Ministry, he said, is developing Dry Ports at Ijebu-Ode and Moniya in Ogun State and Oyo State respectively.
These IDPs, Oyetola said, are targeted for fast tracked delivery to decongest the western port system.
As a quick response to the spate of boat mishaps on inland water ways occasioned by increased traffic, the Ministry, he announced, has targeted the provision of life jackets to the riverine communities in the states to boost safety of passengers.
Also, major programme to replace rickety wooden boats used for commercial transport with standardized crafts and capital dredging at selected locations on major rivers, he said, is planned for 2025.
The minister said increased capital budget for 2025 is necessary for the Ministry to deliver on its lofty mandate and potentials.
He, therefore, made a case for greater budgetary provision for the Ministry in 2025.
He, therefore, proposed a total Capital Budget of N11,770,533,003 (Eleven Billion, Seven Hundred and Seventy Million, Five Hundred and Thirty-three Thousand, Three Naira) and an overhead of N453,856,327 (Four Hundred and Fifty-three Million, Eight Hundred and Fifty-six Thousand, Three hundred and Twenty- seven Naira) for the committee’s consideration, counting on their continued understanding, and urged them to consider the propositions and note the very compelling needs of the Ministry to set up enduring policy, operational and administrative structures to deliver the full potentials of the marine and blue economy sector.
