Adegboyega Urges More Budgetary Allocation to Drive Marine and Blue Economic Growth
Oru Leonard
Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, has made a strong case for increased budgetary allocation to his ministry, emphasizing its critical role in driving economic growth and development. Oyetola stressed that a better-funded ministry would have a positive ripple effect on other sectors of the economy.
The minister highlighted the ministry’s achievements in 2024, including the utilization of N9.97 billion out of the total capital appropriation of N10.848 billion. He also noted that the remaining balance of N874.7 million would be expended in the first quarter of 2025.
Oyetola outlined the ministry’s priorities for 2025, including the development of dry ports, provision of life jackets to riverine communities, and replacement of rickety wooden boats. He also emphasized the need for increased funding to support the ministry’s initiatives, proposing a total capital budget of N11.77 billion and overhead of N453.86 million.
The Chairman of the Senate Committee on Marine and Blue Economy, Senator Wasiu Eshinlokun, assured the minister of the Senate’s support in achieving the ministry’s goals in 2025.
