EXCLUSIVE: ₦1.15 Billion Sinks Without a Trace: Marine and Blue Economy Minister Oyetola Blows Budget in Murky Waters

Secrets Reporters

Barely a year after it was carved out of President Bola Ahmed Tinubu’s ministerial restructuring efforts, the Federal Ministry of Marine and Blue Economy appears to be sailing at full throttle—at least on paper. In 2024 alone, the fledgling ministry, under the watch of Minister Gboyega Adetola, committed billions of naira to a wide range of ambitious projects, with an overwhelming majority of the funds reportedly gulped by the tide of “performance.”

The ministry, which was birthed in 2023 as part of Tinubu’s plan to reposition Nigeria’s economic engines, especially around its vast maritime resources, has already begun casting its financial nets wide.

One of the biggest line items in its 2024 fiscal spread was a hefty ₦500 million tagged for International Maritime Organization (IMO) statutory activities and establishing international synergy on the development of the blue economy.

According to the budget performance document exclusively obtained by SecretsReporters, ₦479.4 million, representing 95.88% of the budget, was spent. However, the nature of this “international synergy” remains largely tucked away in bureaucratic shadows, with little public-facing documentation to show the fruits of the expenditure.

In another line of action, the ministry allocated ₦301.45 million to evaluation and reforms in the marine fishery system, coupled with stakeholder engagement on blue economy issues like fishing trawling and marine tourism. By year’s end, 100% of this budget had been mopped up. Stakeholders, however, are yet to reel in tangible outcomes or widespread reforms in Nigeria’s ailing marine fisheries—a sector plagued by illegal trawling and under-regulation.

The ministry also dipped its hands into the coffers for research and development of marine professionals in inland waterways shipping and ports development, earmarking ₦200 million for the initiative. Of that sum, ₦159 million, or 79.52%, was spent. While training and capacity building are crucial lifelines in a competitive blue economy, there’s little evidence to suggest a new wave of marine professionals have emerged from the program—at least not one visible to the public eye or industry players.

Budgetary oversight was not left adrift either. A cool ₦100 million was voted for monitoring and coordination of capital budget implementation for the ministry and its agencies. According to records, ₦92 million, amounting to 92.01% of the allocation, found its way out of the vaults. But whether this oversight function truly kept the ship steady or merely served as another paper exercise remains to be seen.

Rounding out the expenditure profile is a ₦50 million allocation for assessment and participation of marine professionals in maritime-related activities. This pot was drained in full—100% expenditure—though it remains unclear how many professionals were assessed, who participated, or where these activities took place.