Oyetola Defends N11.7Bn 2025 Budget of Restoration, Says it is Insufficient to undertake major reforms, Renders Accounts on 2024 N10.8Bn Ministry’s Expenditure
Prince Adegboyega Oyetola CON, Minister of Marine and Blue Economy
The Minister of Marine and Blue Economy, Prince Adegboyega Oyetola CON had on Tuesday on the occasion of 2025 Budget Defense appeared before the Joint Committee of the Senate on Marine Transport and House Committees on Ports and Harbour, Marine Safety, Education and Administration: Inland Waterways and Committee on Shipping Services to defend the sum of N11.7billion 2025 budget appropriated to the ministry.
During the occasion, the Minister said that the proposed capital budget of N11.7billion when juxtaposed with an overhead of N453.8million would be inadequate to effectively perform the ministry’s task outlined for the year 2025.
While he reminded the Honourable Committee Chairman and Members that the 2025 Budget is tagged “Budget of Restoration for Securing Peace, Rebuilding Prosperity”, he said that the Federal Ministry of Marine and Blue Economy and its Agencies under the 2025 Budget seek to consolidate and sustain on the achievements and by performances recorded in the immediate past year by 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.
For the purpose of clarity, the minister stated that three (3) 2 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), noting that the National Inland Waterways Authority (NIWA), Maritime Academy of Nigeria, Oron derives their funding from both the FGN Budget and Internally Generated Revenue. Also, he said that the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) based on his passionate plea has been readmitted into the budget for funding albeit and erroneously under the Federal Ministry of Transport, as he appealed for rectification.
Explaining further, Prince Oyetola said, “The five Agencies under the Fisheries and Aquaculture sector (Institutes and Colleges) are expected to come fully under the Ministry in the 2025 Budget. I also count on your cooperation on this”, he said.
On the 2024 total Capital Appropriation for the Federal Ministry of Marine and Blue Economy in 2024 Budget which was N10,848,512,984 (Ten Billion, Eight Hundred and Forty-eight Million, Five Hundred and Twelve Thousand, Nine Hundred and Eighty-four naira), the Minister explained that the sum of N9,973,802,613 (Nine Billion, Nine Hundred and Seventy-three Million, Eight Hundred and Two Thousand, Six Hundred and Thirteen Naira has been utilized/committed at the end of December, 2024, putting the remaining balance to be N874,710,371 (Eight Hundred and Seventy-four Million, Seven hundred and ten Thousand, Three hundred and seventy-one naira), which he said would be expended in the 1st Quarter of 2025.
In addition, the minister said, the sum of 191,086,917 (One Hundred and Ninety-one Million and Eighty-six Thousand, Nine hundred and seventeen Naira) was appropriated for Overhead Expenditure. The sum of N191,086,917 was released up to the Month of December, 2024, and the released amount was expended as at 27th December, 2024. Also, Prince Oyetola said, 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, while all activities related to the Fisheries Department were funded from this grant.
According to him, “As a newly created Ministry our initial focus to set up enduring structures and systems for the effective management of the blue economy sector. The notable deficiencies in the sector such as general infrastructure decay, silted river courses, inadequate fish production, and inadequate river crafts require major attention. “The Ministry is therefore initiating several projects and programmes aimed at addressing these challenges.
“The Ministry as you are aware is pleased and happy with your review of the legal frameworks for the sector, “On our part, we are also reinforcing the Ministry’s oversight and monitoring mandate over its Agencies. All of these require greater budgetary provisions”, the minister said.
Also according to the Minister, under the 2024 Appropriation, the Ministry finalized the 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, noting that these documents are the foundation for a sound policy framework for the Ministry.
Prince Oyetola also noted that in pursuant to its mandate and the charge given by Mr. President, the Ministry is developing Inland Dry Ports (IDPs) at Ijebu-Ode and Moniya in Ogun State and Oyo State respectively. He said that the IDPs are targeted for fast tracked delivery to decongest the Western Port System, while design consultancies for the project are on-going-
Similarly as regards to Inland Waterways, in response to quick response to the spate of boat mishaps on our inland water ways occasioned by increased traffic on waterways, the Ministry has targeted the provision of life jackets to the Riverine Communities in the states to boost safety of passengers. He as well noted that major programme to replace rickety wooden boats used for commercial transport with standardized crafts and capital dredging at selected locations on our major rivers are planned for 2025, as the Ministry was unable to access the 2024 Capital
On the Appropriation of the Fisheries and Aquaculture Department, the Minister said in the 2025 Budget proposal, the Ministry is initiating major projects in the fisheries and aquaculture subsector to boost fish production, as he noted that the projects are deliberately tied to government’s capital budgets to guarantee fast tracked delivery and assured food security.
In driving home his point, the minister however said Quantum investment through the capital budget is necessary for the Ministry to deliver on its lofty mandate and potential, he advocated for greater budgetary provision.
While thanking the committee for their unflinching support, in view of this, the Minister of Marine and Blue Economy, Prince Adegboyega Oyetola CON however presented the proposed total Capital Budget of N11,770,533,003 (Eleven Billion, Seven Hundred and Seventy Million, Five Hundred and Thirty-three Thousand, Three Naira) and Overhead of N453,856,327 (Four Hundred and Fifty-three Million, Eight Hundred and Fifty-six Thousand, Three hundred and Twenty- seven Naira) which though inadequate but for the committee’s kind consideration.
Earlier, the minister had noted that the Budget Defense is in respect of the Federal Ministry of Marine and Blue Economy and the laying of the Government Owned Enterprises (GOE’s) budget which include the Nigerian Ports Authority (NPA), Nigerian 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 before the committee.
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