Maritime Academy projects N24 billion revenue for 2026
Add us on Google The Maritime Academy of Nigeria (MAN), Oron, Akwa Ibom State, has projected a total revenue of N24.01 billion for the 2026 fiscal year. The Acting Rector of the institution, Kevin Okonna, disclosed this on Wednesday during the academy’s 2026 budget defence before the House of Representatives Committee on Maritime Safety, Education and Administration. He explained that after deducting a proposed remittance of N10.8 million to the Consolidated Revenue Fund, the institution expects a net revenue of N23.99 billion. A breakdown of the projected revenue shows that the academy anticipates N13.33 billion from the five per cent statutory fund of the Nigerian Maritime Administration and Safety Agency (NIMASA). Other expected inflows include N55 million as outstanding releases from the 2025 budget, N696.66 million from the Maritime Organisation of West and Central Africa (MOWCA), and N697.38 million from cadet and student fees. Additional revenue sources, including rent, are projected at N30.17 million. On expenditure, Mr Okonna said the academy plans to spend N8.79 billion on overhead costs, N1.36 billion on personnel, and N13.86 billion on capital projects, bringing total expenditure to N23.99 billion. Highlighting recent achievements, the acting rector said the institution had recorded notable progress in the past year, particularly in improving cadet training and employability. He noted that 80 cadets from the 2021 graduating set secured automatic employment and sea-time placements in 2025 through engagements with industry stakeholders, especially shipowners. “In 2025, during the graduation ceremony, out of 2021 cadets that graduated, we were able to get automatic employment and sea time experience for 80 of them. “We mobilised intensively with stakeholders in the maritime industry, in particular the ship owners, and that resulted in what we had in November 2025 during the graduation ceremony,” he said. He also disclosed that the institution recently signed a three-year Memorandum of Understanding with Nigeria Liquefied Natural Gas Limited (NLNG) Shipping and Marine Services Limited to provide onboard training opportunities. According to him, 43 cadets have already been deployed on NLNG vessels under the arrangement. Mr Okonna further said the academy obtained two international certifications covering quality management systems and educational organisation management standards. He added that the institution now provides 24-hour electricity to cadets and students on campus. In her remarks, the committee chairperson, Khadija Abba-Ibrahim (APC, Yobe), described the institution as pivotal to Nigeria’s maritime capacity development and human capital growth. She emphasised that the maritime sector remains a critical driver of the economy, supporting international trade, strengthening national security, and creating employment opportunities. ALSO READ: Nigeria secures $1bn fund for maritime start-ups – Official Ms Ibrahim, however, pointed to persistent challenges facing the institution, including infrastructure deficits, inadequate training equipment, accreditation demands, and the need for modern simulation facilities that meet global standards. “We are not unmindful of the challenges confronting the Academy-ranging from infrastructure deficits, training equipment gaps, accreditation requirements, to the need for modern simulation facilities that meet global maritime standards. “These issues must be adequately reflected in your budget proposals, with clear justifications and measurable outcomes,” she said. She urged the academy’s management to ensure that these challenges are clearly reflected in the 2026 budget, with detailed justifications and measurable outcomes. The lawmaker reaffirmed the committee’s commitment to supporting reforms that will improve maritime education, upgrade infrastructure, enhance staff welfare, promote international standards, and ensure prudent use of public funds. She also stressed the need for fiscal discipline, accountability, and strategic planning, noting that budgetary allocations must translate into visible improvements for cadets, staff, and the country. According to her, the budget review process is intended to be collaborative rather than adversarial, with the shared objective of transforming the Maritime Academy of Nigeria, Oron, into a globally competitive institution capable of advancing Nigeria’s blue economy. Share this: Click to share on X (Opens in new window) X Click to share on Facebook (Opens in new window) Facebook Click to share on WhatsApp (Opens in new window) WhatsApp Click to share on Telegram (Opens in new window) Telegram Click to share on LinkedIn (Opens in new window) LinkedIn Click to email a link to a friend (Opens in new window) Email Click to print (Opens in new window) Print