BY GODWIN OBI
Senators and members of the House of Representatives have called for increased funding for the Ministry of Marine and Blue Economy, emphasising the sector’s significant potential to drive economic growth.
The lawmakers made this call on Tuesday during the budget defense session for the ministry.
The ministry was allocated 11 billion naira for its 2025 operations.
Speaking while presenting the estimates, Minister Gboyega Oyetola, a former governor of Osun State, said the quantum of investment through capital budget was necessary for the ministry to deliver on its lofty mandate and potential.
“For 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,” he said
He explained that the National Inland Waterways Authority (NIWA), and Maritime Academy of Nigeria, Oron derive their funding from both the Federal Government Budget and Internally Generated Revenue (IGR).
Lawmakers, however, argued that the budget falls short of what was needed to fully exploit the sector’s potential and meet its responsibilities.
The Chairman of the Senate Committee on Marine and Blue Economy, Senator Wasiu Eshinlokun, underpinned the importance of adequate funding and early budget preparations for 2026. “The Marine and Blue Economy sector has immense potential. To ensure the ministry can fulfill its mandate, we must begin planning for the 2026 budget now,” he said.
The lawmakers also highlighted key projects, including the dredging of the Rivers Niger and Benue and the development of coastal infrastructure, as essential for positioning Nigeria as a maritime business hub in Africa.
They emphasised that increased investment in the sector would yield substantial economic benefits for the country.
ADVERTISEMENTS:
Pythrocin distributed by Pinnacle Health Pharmaceuticals Ltd
