The Ministry of Marine and Blue Economy Tuesday defended its N11,770,533,003 billion 2025 capital budget before the National Assembly.
Minister of Marine and Blue Economy Adegboyega Oyetola who appeared before both Senate Committee on Marine Transport, and the House of Representatives Committee on Ports and Harbour, Marine Safety, Education and Administration: Inland Waterways and Shipping Services, said the total capital appropriation for the ministry in 2024 Budget was N10,848,512,984.
He said the sum of N9,973,802,613 had already been utilised.
He explained that the balance of the amount is N874,710,371 adding that this will be expended in the first quarter of 2025.
Oyetola said the 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.
He said three agencies under the ministry, namely: NPA, NIMASA, and NSC, are fully self-funding and make significant remittances to the Consolidated Revenue Fund (CRF/TSA), while the National Inland Waterways Authority (NIWA), Maritime Academy of Nigeria, Oron derives their funding from both the FGN budget and Internally Generated Revenue.
He said the “Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) based on my passionate plea has been readmitted into the budget for funding under the Federal Ministry of Transport.
“In addition, 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,” he said.
While responding, the Chairman, Senate Committee on Marine Transport, Senator Wasiu Eshinlokun, appreciated the ministry and all the agencies in carrying out all its functions for the interest of the nation.
He assured that their committee will present all necessary supports needed in the maritime sector to boost their revenue budget and increase their remittances to the Federation Account.