Nigeria's Maritime Academy Forecasts N24 Billion in Income

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…Expands Cadet Training Opportunities for 2026

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By Gift ChapiOdekina, Abuja

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The Maritime Academy of Nigeria has projected a total revenue of N24.01 billion for the 2026 fiscal year, while unveiling plans to expand training opportunities for cadets and students.

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Acting Rector Dr. Kevin Okonna disclosed the figures on Wednesday before the House of Representatives Committee on Maritime Safety, Education and Administration during the Academy’s 2026 budget defence session.

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Okonna stated that after remitting a projected N10.8 million to the Consolidated Revenue Fund, the Academy would retain a net revenue of N23.99 billion. He said the bulk of the income—N13.33 billion—would come from a 5 percent statutory allocation from the Nigerian Maritime Administration and Safety Agency, with additional inflows of N696.66 million from the Maritime Organization of West and Central Africa (MOWCA), N55 million outstanding from the 2025 budget, and N697.38 million from cadet and student fees. Other sources, including rent, are expected to generate N30.17 million.

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On expenditures, Okonna said the Academy plans to spend N8.78 billion on overheads, N1.36 billion on personnel emoluments, and N13.85 billion on capital projects, totaling the net revenue.

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Highlighting achievements, he noted that 80 cadets from the 2021 graduating set secured employment and sea-time experience in 2025 through strategic engagements with ship owners. The Academy also signed a three-year Memorandum of Understanding with NLNG Shipping and Marine Services Limited, deploying 43 cadets onboard NLNG vessels for practical training.

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Okonna added that the Academy recently earned two international certifications covering quality management and educational management systems, and now provides 24-hour power supply for cadets and students on campus.

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Chairman of the Committee, Hon. Khadija Waziri-Bukar Ibrahim, described the Academy as central to Nigeria’s maritime capacity building and human capital development. She stressed the sector’s role in driving trade, national security, and employment, while noting challenges such as infrastructure deficits, outdated training equipment, accreditation requirements, and the need for modern simulation facilities.

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She assured that the Committee would support initiatives to enhance maritime education, infrastructure, staff welfare, and compliance with international standards, emphasizing fiscal discipline, accountability, and transparency.

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According to Waziri-Bukar Ibrahim, the budget defence process is collaborative, aiming to transform the Maritime Academy of Nigeria, Oron, into a globally competitive institution that strengthens Nigeria’s blue economy.

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