Business
Oyetola Present ?10.5bn 2026 Marine and Blue Economy Budget …Describes as Grossly Inadequate
The Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola has presented a ?10,499,984,667.10 budget proposal for the ministry for the 2026 fiscal year
Oyetola also said that the allocation was far from sufficient to effectively execute the ministry’s mandate across Nigeria’s maritime sector.
The Minister made the revelation while defending the budget before a joint sitting of the Senate Committee on Marine Transport and the House of Representatives committees on Ports and Harbours; Maritime Safety, Education and Administration; Shipping Services; Inland Waterways; and Ocean and Fisheries.
He said the proposed budget which comprises ?8.24 billion for capital expenditure, ?453.86 million for overhead costs, and ?1.81 billion for personnel would only sustain minimal operational continuity rather than drive meaningful sectoral reforms or growth.
Oyetola stressed that the ministry oversees multiple interlinked sub sectors, including ports, shipping, inland waterways, fisheries, and aquaculture, all of which collectively handle over 90 per cent of Nigeria’s international trade by volume, national food security, and economic competitiveness.
“While agencies such as the Nigerian Ports Authority, Nigerian Maritime Administration and Safety Agency, and Nigerian Shippers’ Council are self-funding and make significant remittances to the Consolidated Revenue Fund, their operations are being severely constrained by excessive deductions at source by the Office of the Accountant-General of the Federation,” Oyetola said.
He warned that these deductions had weakened liquidity and reduced operational flexibility, with far-reaching consequences, including port congestion, higher logistics costs, delayed cargo movement, revenue losses, and inflationary pressures.
“What appears to be an accounting issue has become a national economic concern,”he said.
Oyetola highlighted a critical misalignment in budget allocations, noting that the 2026 budget for the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) was wrongly placed under the Ministry of Transportation, despite the agency falling under his ministry.
He said the misplacement undermined policy coherence and oversight within the maritime logistics value chain.
On inland waterways, the minister appealed for increased funding to prevent accidents and loss of lives, emphasising that water transport is globally recognised as significantly cheaper than road transport.
Oyetola lamented that Nigeria’s overreliance on road haulage—responsible for more than 80 per cent of freight movement—has worsened road deterioration and increased the cost of goods.
“Safer and more efficient inland waterways will ease pressure on roads and lower logistics costs,” he said.
On fisheries and aquaculture, Oyetola disclosed that Nigeria’s annual fish demand of over 3.6 million metric tonnes far outstrips domestic production of roughly 1.4 million metric tonnes, sustaining imports valued at more than one billion dollars annually.
Post-harvest losses of up to 30 per cent further reduce supply, he noted, despite fish being one of the most affordable sources of animal protein for Nigerian households.
He assured that the ministry is working to boost local fish production and reduce reliance on imports.
The minister further revealed that in 2025, the ministry’s revised capital budget of ?3.53 billion recorded an actual cash release of just ?202.47 million, representing approximately 1.7 per cent, while overhead releases stood at 35 per cent.
He said discussions are ongoing with the Ministry of Budget and Economic Planning to address the funding gaps in line with the Federal Government’s drive to diversify the economy through the marine and blue economy.
Earlier Chairman, Senate Committee on Marine Transport, Senator Wasiu Eshilokun, assured that the National Assembly would give the proposals careful consideration, stressing the strategic importance of the marine and blue economy to national development and economic resilience.
Chinedu Wosu
Continue Reading
Fresh explosions have hit oil and gas pipelines in Odau Community, in Abua/Odual Local Government Area of Rivers State, triggering a major security and environmental crisis that has forced residents to abandon their homes.
The first incident occurred along the Kolo Creek – Rumuekpe crude oil pipelines, operated by Renaissance Africa Energy Company Limited.
This was followed by a gas pipeline explosion on the Ogboinbiri – Obirikom Gas Pipeline, operated by Oando Plc, in the same week.
In a statement by the Abua/Odual Council Chairman, Hon. Owolobi Michael Ofori said the blasts, suspected to be the handiwork of militants, have unleashed persistent gas leakage in the area, raising fears of fire outbreaks and toxic exposure as residents of Odau have largely deserted the community due to the dangerous situation.
According to him, some residents of the area have been hospitalised after inhaling the leaking gas, adding that the impact has spread to neighbouring communities, including Obedum, Emirikpoko, and Anyu in Abua/Odual LGA, as well as Oruma and Ibelebiri in Bayelsa State.
Hon. Ofori expressed deep concern over the plight of the affected residents and urged the operating companies to act swiftly.
The Council expressed its deepest sympathy to all affected persons and communities and remained gravely concerned about the safety, health, and welfare of residents whose lives and livelihoods have been disrupted by these incidents.
“We call on Renaissance Africa Energy Company Limited and Oando Plc to immediately deploy all necessary technical and emergency response resources to contain the fires, halt the gas leakage, secure the affected pipeline corridors, and mitigate further environmental and public health risks.” the Council Chairman Said.
The chairman also appealed to the two oil firms to provide immediate humanitarian assistance and relief materials to the displaced residents while work continues to restore normalcy.
The Council Chairman said he is working closely with security agencies and emergency responders to monitor the situation and coordinate necessary interventions.
The Council Boss advised Residents of the Local Government Area to remain calm, cooperate with authorities, and adhere strictly to safety directives.
Ofori further called on the National Emergency Management Agency (NEMA), the National Oil Spill Detection and Response Agency (NOSDRA), the Rivers State Government, and other relevant bodies to intervene urgently to prevent loss of lives and environmental damage.
Hon. Ofori assured that the council remains committed to the protection and welfare of its people and will continue to engage all stakeholders to resolve the crisis.
Enoch Epelle
Fidelity Bank Plc has reaffirmed its commitment to youth empowerment, financial inclusion and entrepreneurship through a strategic partnership with the Youth Economic Intervention and De-radicalization Programme (YEIDEP), a Federal Government-backed initiative aimed at equipping young Nigerians with the skills, support and opportunities needed to build sustainable livelihoods.
Under the partnership, the bank will support the enrolment of students and young people into the YEIDEP programme, which is designed to tackle youth unemployment, promote enterprise development and expand economic participation among Nigeria’s growing youth population.
The next phase of the initiative is scheduled to end today at Nnamdi Azikiwe University, Awka, where the enrolment exercise for students and youths across the South-East that started since July 1st would be concluded at the university’s Convocation Arena.
The exercise is expected to reach more than 60,000 regular undergraduate students.
Speaking on the partnership, Fidelity Bank’s Divisional Head, Product Development, Osita Ede, said youth empowerment remains central to the bank’s vision of building a more inclusive and prosperous society.
He noted that Nigeria’s youths represent the country’s greatest asset and stressed that providing them with the right skills, opportunities and financial support is critical to unlocking their potential and driving national development.
According to Ede, the bank continues to provide young Nigerians with tools for success through its digital banking platforms, financial literacy initiatives, youth-focused products and strategic partnerships.
He added that Fidelity Bank recognises that limited access to funding, mentorship and business development support remains a major challenge for many aspiring entrepreneurs, and is committed to creating pathways that will help them overcome these barriers.
The bank said its support for YEIDEP aligns with its longstanding commitment to empowering Micro, Small and Medium Enterprises (MSMEs), which it described as key drivers of economic growth and job creation in Nigeria.
Interested students and youths have been encouraged to open Fidelity Bank accounts and register for the programme through the bank’s dedicated online portal.
Nkpemenyie Mcdominic, Lagos
The Nigerian Ports Authority (NPA) has launched a multi-agency task force to combat the resurgence of traffic gridlock choking the Lagos Port access roads, in a fresh push to restore seamless cargo evacuation and sustain recent gains in Port efficiency.
The intervention followed a stakeholders’ meeting convened by the Managing Director of NPA, Dr. Abubakar Dantsoho, on June 23rd, 2026, where security agencies, freight forwarders, truck operators and representatives of the Lagos State Government agreed on coordinated measures to eliminate the bottlenecks disrupting cargo movement.
At the meeting, stakeholders identified illegal extortion points, overlapping responsibilities among security agencies and other operational distortions as major factors responsible for the renewed congestion along the port corridor.
Speaking on the outcome of the meeting, the NPA’s General Manager, Corporate and Strategic Communications, Mr. Ikechukwu Onyemakara, said the Authority’s overriding priority is to guarantee the unhindered movement of cargo to and from the nation’s seaports.
According to him, the task force comprises the NPA, the Police, the National Association of Government Approved Freight Forwarders (NAGAFF), the Association of Nigerian Licensed Customs Agents (ANLCA), the Federal Road Safety Corps (FRSC), the Maritime Workers Union of Nigeria (MWUN), the Nigerian Association of Road Transport Owners (NARTO) and the Association of Maritime Truck Owners (AMATO).
“The responsibility of the task force is to monitor truck movement on the Port access roads on a regular basis, identify any disruption capable of causing gridlock and immediately resolve such challenges,” Onyemakara said.
He stressed that members of the task force would not establish checkpoints along the corridor but would maintain strategic presence at designated locations to ensure compliance without obstructing traffic.
To enhance rapid response, Onyemakara disclosed that the task force has created a dedicated WhatsApp platform through which members can instantly report infractions or emerging traffic issues for immediate intervention.
On the long-delayed renewal of the Electronic Truck Call-Up (ETO) system contract, the NPA spokesman said the Authority is reviewing the terms to ensure a more robust contractual framework before awarding a fresh agreement.
He explained that although the previous contract had expired, the ETO platform remains operational under the management of the Truck Transit Parks (TTP) pending completion of the procurement process.
He expressed confidence that the renewal would be concluded soon.
Reaffirming the Authority’s commitment to maintaining free-flowing Port access roads, Onyemakara said efficient logistics remain central to the NPA’s drive to improve Nigeria’s Port competitiveness and preserve its growing international reputation.
“We are more interested in the free flow of logistics into our ports than anyone else because it is in our own interest,” he said
Nkpemenyie Mcdominic, Lagos
-
News3 days ago
Rivers Court Jails Man Seven Years For Defiling Minor …Directs N5 Million Upkeep For Victim
-
News3 days ago
Alleged Coup Plot: DSS Docks Five For Hiding Sylva’s Whereabouts
-
Niger Delta3 days ago
24 Nigerian Universities Make 2026 THE Rankings … 4 S’South Versitieis Pull Through
-
News3 days agoFG To Replace NYSC Khaki With Adire
-
News3 days ago
BOI Unveils Maiden Impact Report, Disburses N644.9bn In 2025
-
Women3 days ago
NAWOJ Seeks Partnership With Hotel Presidential On Summit
-
News3 days agoFubara Seeks Full Resolution Of Bille Gas Leakage …Pledges Upgrade Of Community Health Centre
-
Niger Delta3 days ago
‘Ogbolo ’26’: Bayelsa Community Revives Heritage, Strengthens Unity