The Maritime Academy of Nigeria (MAN), Oron, Akwa Ibom State, has projected a total revenue of N23.99 billion in its 2026 budget estimates presented before the House of Representatives Committee on Maritime Safety, Education and Administration.
The projection formed the highlight of the academy’s budget defence session in Abuja on Wednesday, where lawmakers examined its financial plan, revenue sources and proposed expenditures for the fiscal year.
The chairman of the committee, Hon. Khadija Bukar Abba Ibrahim, said the exercise was necessary to scrutinise the estimates, evaluate past performance and ensure accountability in the use of public funds.
She noted that the maritime sector remains critical to Nigeria’s economy, given its role in facilitating trade, enhancing security and creating employment opportunities.
The chairman stressed that the academy’s budget must reflect key operational challenges, including infrastructure gaps, inadequate training equipment and the need for modern simulation facilities.
“These issues must be adequately reflected in your budget proposal with clear justification and measurable outcomes,” she said.
She further assured that the committee would support programmes aimed at improving the quality of maritime education and strengthening institutional capacity.
Presenting the breakdown, Rector of MAN, Dr Kevin Okonna, said the N23.99 billion projected revenue would largely come from statutory allocations, internally generated revenue and grants.
He disclosed that N13.33 billion is expected from the 5 per cent NIMASA statutory fund, while N696.66 million will come from local grants and N6.31 billion from cadet and student fees.
According to him, other revenue sources, including rents and service charges, are projected to generate about N30.17 million within the year.
On the expenditure side, Okonna said the academy plans to commit N13.85 billion to capital projects, N8.78 billion to overhead costs and about N1.36 billion to personnel development.
He added that the proposed spending is aimed at upgrading infrastructure, expanding training capacity and consolidating recent gains, including improved sea time placements for cadets and growing international recognition of the academy.
Leave a Reply