Minister of Marine and Blue Economy, Adegboyega Oyetola has defended N11,770,533.003 as 2025 capital budget of the ministry.
While defending the budget on Tuesday in Abuja, the minister said the quantum of investment through the capital budget is necessary for the ministry to deliver on its lofty mandate and potential.
According to him, “Today’s budget defence is in respect of the Federal Ministry of Marine and Blue Economy and the laying of the Government Owned Enterprises (GOE’s) budget before you 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.
“Greater budgetary provision is therefore advocated, the proposed total Capital Budget of N11,770,533,003 and overhead of N453,856,327 though inadequate is for your kind consideration.
“For the purpose of clarity, I wish to state that 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)”.
He explained that the National Inland Waterways Authority (NIWA), and Maritime Academy of Nigeria, Oron derives their funding from both the FGN budget and internally generated revenue.
Oyetola further said “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.”
