Nigerian Maritime Academy Unveils Ambitious 2026 Budget Proposal
On Wednesday, Dr. Kevin Okonna, the Acting Chancellor of the Nigerian Maritime Academy (MAN) in Oron, Akwa Ibom State, presented the institution’s 2026 budget to the House Committee on Maritime Safety, Education, and Administration. The projected total revenue stands at an impressive $24,010,563,603.44.
Dr. Okonna clarified that after accounting for a transfer of N10,805,915 to the Consolidated Revenue Fund, the Academy anticipates a net revenue of N23,999,757,688.44. This financial framework underscores the institution’s focus on enhancing its operational capabilities.
In a detailed breakdown of the expected revenue, Dr. Okonna noted that the 5% NIMASA Statutory Fund is projected to generate $13,333,194,665.74. Additionally, the announcement of the 2025 budget reflects an infusion of N55 million, while the MOWCA Fund is estimated at $696,664,160.64. Revenue from tuition fees is expected to contribute N697,380,000, alongside other revenue sources such as rental income projected to bring in N30,174,140.
When discussing expenditures, Dr. Okonna outlined various financial commitments that the Academy faces. These include miscellaneous expenses amounting to N8,787,698,249.52, personnel costs of N1,356,817,590.36, and capital expenditures projected at N13,855,241,848.55, collectively shaping the Academy’s financial landscape for the coming year.
Reflecting on the past year’s achievements, Dr. Okonna shared that at the 2025 graduation ceremony, 80 of the 2021 cadets were granted automatic employment offers and maritime experience through strategic partnerships with maritime industry stakeholders, particularly shipowners. This achievement highlights the Academy’s commitment to bridging the gap between education and industry needs.
In a further display of progress, Dr. Okonna announced a three-year Memorandum of Understanding (MOU) with NLNG Shipping and Marine Services Limited, set to run from December 2025 to February 2026. This partnership aims to provide practical onboard training opportunities for cadets. He reported that 43 cadets have already been assigned to NLNG vessels and are currently gaining invaluable sea experience.
The Acting Chancellor also revealed that the Academy has secured two international certifications for its quality management systems and for the educational management systems it implements. Notably, the institution has made significant advancements in infrastructure, ensuring 24-hour power supply across the campus, thereby enhancing the living and learning conditions for its cadets and students.
Chairing the session, Hon. Khadija Waziri-Bukar A. Ibrahim emphasized the importance of MAN in fostering Nigeria’s maritime capabilities and enhancing human capital in the sector. She stated, “The maritime sector supports international trade, bolsters national security, and creates employment opportunities for youth. MAN is crucial in cultivating skilled talent necessary for sustaining and expanding this essential sector.” However, she cautioned that challenges such as inadequate infrastructure, insufficient training equipment, stringent certification requirements, and the pressing need for modern simulation facilities must be transparently addressed in the proposed budget.
Waziri-Bukar reaffirmed the committee’s commitment to collaborative efforts, stating that their shared objective is to elevate the Nigerian Maritime Academy, Oron, into a world-class institution capable of competing on a global scale and making meaningful contributions to Nigeria’s blue economy.
