- The Ministry of Marine and Blue Economy allocated ₦11.7 billion for capital projects in 2025, focusing on fisheries and aquaculture development
- Oyetola revealed plans to integrate five agencies in the fisheries sector and ensure swift execution of budget-linked projects
The Minister of Marine and Blue Economy, Gboyega Oyetola, has announced that the ministry has allocated ₦11.7 billion for capital projects in 2025.
Oyetola made this disclosure on Tuesday during the budget defense session for the ministry and its supervised agencies in Abuja.
He noted that the ministry could not access the 2024 Capital Appropriation for the Fisheries and Aquaculture Department.
In the 2025 budget proposal, the minister revealed plans for major projects in the fisheries and aquaculture subsector to boost fish production. He emphasized that these projects are directly linked to government capital budgets to ensure swift execution and contribute to food security.
Oyetola stated, “The proposed total capital budget of ₦11.77 billion and an overhead of ₦453.8 million have been allocated to the ministry.”
He further explained that three agencies under the ministry—the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), and Nigerian Shippers’ Council (NSC)—are self-funded and make substantial remittances to the Consolidated Revenue Fund (CRF/TSA).
Meanwhile, the National Inland Waterways Authority (NIWA) and the Maritime Academy of Nigeria, Oron, receive funding from the Federal Government’s budget and Internally Generated Revenue.
The Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), after a special appeal, has been reintroduced into the budget for funding.
Oyetola added that five agencies within the fisheries and aquaculture sector, including related institutes and colleges, will be fully integrated into the ministry under the 2025 budget.
On the 2024 budget performance, the minister disclosed that the ministry had a total capital appropriation of ₦10.8 billion, out of which ₦9.9 billion was accessed.
He assured that the remaining ₦874 million would be utilized by the first quarter of 2025.
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