•Says 2024 Budget Not Enough
The Minister of Marine and Blue Economy, His Excellency Adegboyega Oyetola, CON while defending the 2025 budget of the Federal Ministry of Marine and Blue Economy and its agencies at the Joint Committee of the Senate on Marine Transport and House Committees on Ports and Harbour, Marine Safety, Education and Administration.
Inland Waterways and Committee on Shipping Services noted that the ministry 2025 Budget put at N11.7b seek to consolidate and sustain the achievements recorded in the immediate past year by focusing on Ports Infrastructural Development increased fish production, Maritime Safety and Security.
Also on information Technology Deployment to improve operation and revenue generation, Human Capacity Building and the Effective Technical and Economic Regulation to ensure the strengthening of the blue economy in Nigeria.
According to Oyetola, “The total Capital Appropriation for the Federal Ministry of Marine and Blue Economy in 2024 Budget is N10,848,512,984 (Ten Bil- lion, Eight Hundred and Fortyeight Million, Five Hundred and Twelve Thousand, Nine Hundred and Eighty-four naira). The sum of N9,973,802,613 (Nine Billion, Nine Hundred and Seventythree Million, Eight Hundred and Two Thousand, Six Hundred and Thirteen Naira has been utilized/ committed at the end of December, 2024, remaining a balance of N874,710,371 (Eight Hundred and Seventy-four Million, Seven hundred and ten Thousand, Three hundred and seventy-one naira).
This he said will be expended in the first Quarter of 2025”. Similarly, Oyetola noted that 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.
The sum of N191,086,917 wasn’t released up to the month of December, 2024.
Accordingly, the minister noted that the released amount was expended as at 27th December, 2024. Honourable Oyetola told the joint Committee that the Ministry also received a take-off grant of N625,000,000 out of which the sum of N523,763,955 was committed to the Ministry’s activities.
He emphasized that all activities related to the Fisheries Department were funded from the grant.
Furthermore, His Excellency Adegboyega Oyetola at the budget defence said as a newly created Ministry, the initial focus of the Marine and Blue Economy was to set up enduring structures and systems for the effective management of the blue economy sector.
He identified the notable deficiencies in the sector as general infrastructure decay, silted river courses, inadequate fish production, and inadequate river crafts and said the Ministry is initiating several projects and programmes aimed at addressing these challenges.
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