Oyetola defends N12.2bn 2025 budget for marine and blue economy

Minister of Marine and Blue Economy, Adegboyega Oyetola,

The Minister of Marine and Blue Economy, Adegboyega Oyetola, on Tuesday defended the proposed N12.2bn budget for the sector in 2025, highlighting its critical role in driving sustainable economic growth.

Oyetola presented the budget before the National Assembly, addressing the Senate Joint Committee on Marine Transport and the House Committees on Ports and Harbours, Marine Safety, Inland Waterways, and Shipping Services.

The budget breakdown includes a capital allocation of N11.77bn and an overhead cost of N453.85m.

Oyetola also laid the budgetary plans for the Nigerian Ports Authority, Nigerian Maritime Administration and Safety Agency, National Inland Waterways Authority, Nigerian Shippers’ Council, Maritime Academy of Nigeria in Oron, and the Council for the Regulation of Freight Forwarding in Nigeria before the legislative committees.

The minister outlined several initiatives for 2025, including providing life jackets to riverine communities to enhance passenger safety and replacing outdated wooden boats with standardized vessels for commercial transport.

To improve navigability, the ministry plans to begin capital dredging in specific locations along major rivers.

The minister emphasised the importance of expanding the navigable waterways from the current 3,800 kilometers to the full potential of 10,000 kilometers.

“Water transportation is cheaper and safer, but significant investment in dredging is required to achieve the desired results,” Oyetola said.

He also revealed plans to develop dry ports at Ijebu-Ode in Ogun State and Moniya in Oyo State to decongest the Western Port System. Design consultancies for these projects are ongoing, and their completion is a priority.

Reflecting on the 2024 budget, Oyetola disclosed that the ministry had utilized N9.97bn of its N10.85bn capital allocation by December 2024, with the remaining N874.71m set to be spent in the first quarter of 2025.

He also noted that the ministry received a N625m take-off grant, of which N523.76m was used to fund various activities, including those related to the Fisheries Department.

Looking ahead, Oyetola advocated for greater budgetary support to ensure the ministry meets its mandates, particularly in the fisheries and aquaculture subsectors, which are key to boosting fish production and food security.

Chairman of the Senate Committee on Marine Transportation and Blue Economy, Senator Wasiu Eshinlokun-Sanni, called for the commencement of dredging the River Niger, Lake Chad Basin, and other waterways, urging the ministry to include these projects in the 2026 budget proposal.

“The president appointed you because he believes in your capacity. Start engaging stakeholders now to secure the funds required for dredging and other critical projects in the next fiscal year,” the Senator said.

Eshinlokun-Sanni emphasised that the ministry’s current funding is inadequate for its ambitious goals and urged it to begin lobbying for increased allocations.