Oyetola Defends N10.9bn Budget For Blue Cconomy Ministry

….The Minister of Marine and Blue Economy, Adegboyega Oyetola presenting 2024 budget to National Assembly committee members in Abuja.

…The Minister for Marine and Blue Economy, Prince Adegboyega Oyetola, has presented the 2024 budget proposal of N10.9bn to the joint committees of the Senate on Marine Transport and the House of Representatives Committees on Ports and Harbour, Maritime Safety, Education and Administration, Inland Waterways and Shipping Services.

Addressing the joint committees at the National Assembly complex in Abuja, Oyetola underscored the pivotal role of the proposed budget in facilitating the oversight and monitoring of government policies within the marine and blue economy domain.

“The 2024 budget is geared towards economic growth; therefore, the Federal Ministry of Marine and Blue Economy, along with its agencies, seeks to build upon the achievements and performances recorded in the past years,” highlighted Oyetola.

….Emphasising the priorities of the ministry, Oyetola outlined a strategic focus on the infrastructural development of ports. He specifically highlighted the urgent need for the modernisation of the Apapa and Tin Can ports, addressing their dilapidated state and the impending end of their operational life. Additionally, plans for rehabilitating eastern ports and dredging inland and coastal waterways were brought to the forefront.

To actualise these initiatives, Oyetola appealed to the committees for the appropriation of funds as proposed in the budget of the Nigerian Shippers’ Council and the National Inland Waterways Authority, stressing the critical importance of facilitating these projects.

….Speaking on the rehabilitation of ports, the minister underlined the government’s responsibility, as the owner of the ports, to ensure their optimal maintenance. This approach aligns with the 2006 Act, which allows concessioning while retaining federal ownership, emphasising the need for continued upkeep.

Other key areas highlighted by the minister include maritime administration, human capacity building, and effective technical and economic regulation, all aimed at strengthening Nigeria’s blue economy.

…Presenting the ministry’s budget along with those of the supervised agencies – Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), National Inland Waterways Authority (NIWA), Nigerian Shippers’ Council (NSC), Maritime Academy of Nigeria and Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) – Oyetola informed the committee that NPA, NIMASA and NSC are fully self-funding entities making remittances to the Consolidated Revenue Fund.

While CRFFN’s appropriation for 2023 was erroneously removed, Oyetola requested the matter to be revisited.

In response, the chairman of the Senate Committee on Marine Transport, Sen. Wasiu Sanni assured the minister of the committees’ commitment to providing the necessary support for the maritime sector’s optimal performance.

…..The session witnessed discussions on expectations for the new ministry, including measures to attract more ships to Nigerian ports, improvements in port clearance processes, and support for initiatives like coastal guards and the release of cabotage funds for indigenous shipping lines.