Only ₦202.47m Released from ₦3.53bn 2025 Capital Budget — Marine, Blue Economy Ministry

The Federal Ministry of Marine and Blue Economy has disclosed that only ₦202.47 million — about 1.7 percent of its revised ₦3.53 billion capital budget for 2025 — was released, citing funding limitations rather than execution challenges as the reason for stalled projects.

The disclosure was made on Tuesday, February 10, 2026, when the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, appeared before the Senate to defend the ministry’s 2026 budget proposal.

According to the minister, the poor performance of the 2025 capital budget was due to inadequate cash releases, despite the ministry’s readiness to execute planned projects across the maritime and blue economy value chain.

For 2026, the ministry has proposed a total budget of ₦10.499 billion, comprising ₦8.239 billion for capital expenditure, ₦453.856 million for overhead costs, and ₦1.807 billion for personnel.

Oyetola said the ministry is currently engaging the Federal Ministry of Budget and Economic Planning to address funding bottlenecks and ensure critical projects are implemented to unlock the economic potential of Nigeria’s marine and blue economy sector.

He noted that the ministry supervises strategic sectors including ports, shipping, inland waterways, fisheries, and aquaculture — areas that play vital roles in trade, food security, transportation efficiency, and national competitiveness.

“Over 90 percent of Nigeria’s international trade passes through the maritime sector,” he said, stressing the need for sustained investment in infrastructure and operations.

The minister also highlighted the economic advantage of inland waterways transport, describing it as three to five times cheaper than road transport, yet underutilised as more than 80 percent of freight still moves by road.

On fisheries and aquaculture, Oyetola revealed that Nigeria’s annual fish demand exceeds 3.6 million metric tonnes, while domestic production stands at about 1.4 million metric tonnes, leading to over $1 billion in annual imports.

He said expanding local fish production is essential for improving food security, enhancing nutrition, and conserving foreign exchange.