The Sea Empowerment and Research Center (SEREC) has said that the N35.75bn allocated for capital expenditure of the Marine and Blue Economy won’t drive the potential of the new ministry.
In a statement made available to newsmen on Monday by the Head of Research at SEREC, Eugene Nweke, the Centre said that the budget allocation is a joke when compared to the ₦223.80 billion allocated to the Ministry of Transportation and the ₦93.03 billion allocated to the Ministry of Aviation and Aerospace Development.
According to the SEREC statement, “We are surprised by the significant disparity in allocations between the Ministry of Marine and Blue Economy and its counterparts in the transportation sector. With the Ministry of Transportation receiving ₦223.80 billion and the Ministry of Aviation and Aerospace getting ₦93.03 billion, it’s puzzling to see the Ministry of Marine and Blue Economy allocated a relatively modest ₦35.75 billion for capital expenditure.
“The Center initially thought that the figure was ₦357billion but on a careful browsing of the budget tabulation, we saw it was a mere ₦35billion which sounds like a joke, in the face of the robustness and strategic importance of the newly created ministry. If the evolution of the blue economy concept and expectations is anything to go by, that amount has not covered underwater ( sea bird) exploration, how much more related research obligations towards the evolution, against the stakeholders’ expectations.
“The Center feels that, given the immense potential of Nigeria’s maritime sector to contribute to the country’s economy, it had expected a more substantial allocation to support the development of the Marine and blue economy sector.
“It beats the stakeholder’s imagination that, the Minister of Marine and Blue Economy has expressed optimism about the sector’s potential, and the government must provide adequate funding to realise this potential. To drive this new ministry vision with ₦35.75billion is indeed a foul cry from a ministry administrative reality.
“The SEREC recalled that the 2025 Appropriation Bill proposes an expenditure estimate of N49.7 trillion, which is significantly higher than the 2024 approved budget size. However, it seems that the Ministry of Marine and Blue Economy has not been prioritized in the allocation of funds.
“This worrisome-looking ministry allocation thus, suggests a possibility that, perhaps the government itself is still experimenting with the ministry, and not too convinced of the canvased potentials in the marine economy even without the blue.
“In the thinking of SEREC, it’s essential for the government to reconsider the allocation and provide more substantial funding to support the growth and development of the maritime sector with consideration to industry scope of coverages.
“It is on record that, the Minister has urged agencies under the ministry to align their 2025 budget proposals with the pillars of the blue economy, which is a step in the right direction. However, without adequate funding, it’s challenging to see how the ministry can effectively achieve its goals and contribute to the country’s economic diversification.
“The SEREC will conclude by assuming that the federal government has better plans for the ministry other than this present budget. For instance, there may be an official grant to the minister to source for foreign loans or outsourcing some of the key envisaged projects under a business contract.
“The federal government has a duty to take this particular ministry seriously if its renewed hope mantra is targeted at the masses.”
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