Maritime Academy Eyes N24bn Revenue for 2026
The Maritime Academy of Nigeria (MAN) expects to rake in N24.01 billion in the 2026 fiscal year. Acting Rector Kevin Okonna presented this ambitious roadmap to the House of Representatives on Wednesday. The projection rests heavily on statutory support from the Nigerian Maritime Administration and Safety Agency (NIMASA). This single source should provide N13.33 billion, more than half of the total budget. It marks a bold attempt to fund the institution’s shift towards global competitiveness.
Fiscal discipline appears to be the watchword for the upcoming year. After a modest N10.8 million remittance to the federal purse, the academy will keep N23.99 billion for its operations. This money will cover significant ground. Capital projects will swallow N13.86 billion as the school tries to fix its ageing infrastructure. Personnel costs remain lean at N1.36 billion. Success here depends on the timely release of these funds by the central government.
The academy is finally tackling its most embarrassing problem: sea-time training. For years, Nigerian cadets graduated only to sit at home without the practical experience required for international certification. The tide is turning. Last year, 80 graduates from the 2021 set landed automatic employment and sea-time placements. A new three-year deal with NLNG Shipping and Marine Services has already put 43 cadets on gas carriers. These partnerships suggest a more pragmatic approach to maritime education.
Money will also flow from regional and internal sources. The Maritime Organisation of West and Central Africa (MOWCA) is expected to contribute N696.66 million. Students will pay N697.38 million in fees. Even campus rent will bring in a tidy N30.17 million. These diverse streams show an effort to move beyond total dependence on oil-funded grants. The school has also secured international quality certifications to boost its credentials.
Despite the optimistic numbers, the House Committee on Maritime Safety remains cautious. Chairperson Khadija Abba-Ibrahim noted that the school still lacks modern simulation facilities. Infrastructure deficits continue to hinder the academy’s progress on the global stage. She told the management to ensure the budget addresses these gaps with measurable results. The committee wants to see actual training equipment rather than just tall buildings.
The academy now provides 24-hour electricity on its Oron campus. This basic amenity is a luxury in many Nigerian public institutions. It reflects a desire to improve the living standards of the cadets. If the N24 billion materialises, the school might finally bridge the gap between theory and practice. The real test lies in whether these funds will be spent on simulators or swallowed by overheads.