Blue economy ministry to spend 11.7bn on capital projects in 2025 – Oyetola

The minister of marine and blue economy, Gboyega Oyetola has revealed that the ministry has budgeted 11. 7 billion to spend on capital projects in the year 2025. The minister made the disclosure in Abuja on Tuesday during the budget defense of the ministry and its supervised agencies, while adding that the ministry was unable […]

The minister of marine and blue economy, Gboyega Oyetola has revealed that the ministry has budgeted 11. 7 billion to spend on capital projects in the year 2025.

The minister made the disclosure in Abuja on Tuesday during the budget defense of the ministry and its supervised agencies, while adding that the ministry was unable to access the 2024 Capital Appropriation of the Fisheries and Aquaculture Department.

He added that in the 2025 budget proposal, the ministry is initiating major projects in the fisheries and aquaculture subsector to boost fish production and these projects are deliberately tied to government’s capital budgets to guarantee fast tracked delivery and assured food security.

He said “The proposed total capital budget of N11. 77 billion and overhead of N453.8 million has been set aside by the ministry.

“Also, three of the agencies under the ministry, namely: NPA, NIMASA and NSC are fully self-funding and make significant remittances to the Consolidated Revenue Fund (CRF/TSA). The National Inland Waterways Authority (NIWA), Maritime Academy of Nigeria, Oron derives their funding from both the FGN Budget and Internally Generated Revenue. The Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) based on my passionate plea has been readmitted into the budget for funding.

“In the same vein, the five agencies under the fisheries and aquaculture sector (institutes and colleges) are expected to come fully under the ministry in the 2025 Budget” he explained.

Speaking on the performance of the 2024 budget, he said, the total capital appropriation for the Federal Ministry of Marine and Blue Economy in 2024 Budget was N10.8 billion out of which 9.9bn was accessed, adding that the balance of 874 million will be accessed and utilised in the first quarter of 2025.