Adegboyega Oyetola, the minister of Marine and Blue Economy, has voiced worries that his ministry’s projected N11.7 billion capital budget and N453.9 million overhead budget for 2025 are insufficient to meet its operational and developmental demands.

The minister emphasized the need for more funding to effectively carry out the ministry’s mandate while speaking before the Senate’s Joint Committee on Marine Transport and the House Committees on Ports and Harbour, Maritime Safety, Education and Administration, Inland Waterways, and Shipping Services during the 2025 Budget Defense. According to Oyetola, the ministry has spent almost N10 billion of its N10.8 billion 2024 capital appropriation as of December 2024, leaving N874.7 million remaining. According to him, the first quarter of 2025 is when the remaining sum is expected to be spent.

He added that the ministry received a take-off grant of N625 million, of which N523.8 million was allocated to various operations, including financing for the Fisheries Department, and that it had fully utilized its N191.1 million overhead allocation for 2024. The minister outlined important issues that the ministry must address immediately and significantly, such as deteriorating port infrastructure, low fish yield, and waterway safety concerns. According to him, the construction of inland dry ports at Ijebu-Ode, Ogun State, and Moniya, Oyo State, is one of the major initiatives started to address these issues.

According to him, the goal of the dry ports, which are presently in the design consulting stage, is to relieve pressure on Lagos’ main ports. In response to an increase in boat accidents brought on by increased traffic on inland waterways, Oyetola presented the ministry’s 2025 plans, which include giving life jackets to riverine communities to improve safety. Additional planned projects include capital dredging at strategic river points to enhance navigation and replacing traditional wooden boats for commercial transportation with standardized vessels.

According to him, the ministry completed important policy documents under the 2024 appropriation, including as the Fisheries and Aquaculture Policy, the National Blue Economy Strategy of Nigeria, the National Policy for Marine and Blue Economy, and the Strategic Roadmap for Nigeria’s Blue Economy. He claims that these documents form the cornerstone of a strong policy framework that would direct the industry’s sustainable development. The minister bemoaned the ministry’s failure to obtain the 2024 capital appropriation for the Fisheries and Aquaculture Department in spite of these accomplishments. He did, however, voice confidence over the projects that are being presented in the fisheries and aquaculture sub-sector under the 2025 budget, pointing out that they are hastened in their implementation and strategically linked to government capital investments to achieve food security.

Oyetola emphasized that significant investments are necessary to meet the ministry’s ambitious goals and called for additional funding. “Even if it is insufficient, the proposed N11.7 billion overall capital budget and N453.9 million in overhead are for your kind consideration,” he said to the MPs. By giving priority to the construction of port infrastructure, higher fish output, improved maritime safety, and the use of technology to optimize operations and income generation, the minister underlined the federal government’s commitment to building on the achievements of 2024. Following the budget presentation, Sanni Eshinlokun, the head of the Senate Committee on Marine and Blue Economy, stated that the Ministry, which now lacks adequate funding, will receive the assistance it needs to thrive. He suggested that for the Ministry’s budget to have an effect, it should logically align with its KPI.