The Minister of Marine and Blue Economy, Adegboyega Oyetola, calls on the National Assembly to approve an increase in the ministry’s capital budget and appropriations to enhance its development and unlock its full potential.
According to a statement to Africa Health Report (AHR) by the Director of Information and Public Relations, Anastasia Ogbonna, on Tuesday, Oyetola addresses the Joint House Committee of the Senate, emphasizing the need for greater funding to deliver the ministry’s mandates effectively.
“The proposed total capital budget of N11,770,533,003 (Eleven Billion, Seven Hundred and Seventy Million, Five Hundred and Thirty-three Thousand, Three Naira) and an overhead of N453,856,327 (Four Hundred and Fifty-three Million, Eight Hundred and Fifty-six Thousand, Three Hundred and Twenty-seven Naira), though inadequate, is presented for your kind consideration,” Oyetola states.
He explains that the budget increase is critical for maintaining the achievements of the previous year and aligning with the 2025 budget, tagged “Budget of Restoration: Securing Peace, Rebuilding Prosperity.” He adds that the ministry and its agencies aim to consolidate and sustain their successes while enhancing their capacity to achieve even greater results.
The Chairman of the Senate Committee on Marine and Blue Economy, Sanni Eshinlokun, assures the ministry of the necessary support. He acknowledges the ministry’s underfunding and urges it to actively engage stakeholders to secure additional funding that aligns with its 2026 mandates.
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