By Gloria Ikibah
The Maritime Academy of Nigeria in Oron, Akwa Ibom State has set an ambitious revenue target of N24.01 billion for the 2026 financial year, signalling a renewed push to strengthen its financial footing and operational capacity.
Acting Rector, Dr Kevin Okonna, presented the projection during a budget defence session before the House of Representatives Committee on Maritime Safety, Education and Administration on Wednesday.
From the proposed figure, a statutory remittance of N10.8 million to the Consolidated Revenue Fund is expected, leaving the academy with a net revenue of approximately N23.99 billion.
A significant portion of the projected income is to come from the five per cent statutory contribution from NIMASA, estimated at over N13.33 billion. Additional inflows are expected from the release of outstanding 2025 budget allocations worth N55 million and contributions from the Maritime Organisation of West and Central Africa fund, put at about N696.66 million.
Student-related revenue is also set to play a role, with cadet and tuition fees projected to generate N697.38 million. Other internally generated sources, including rent, are expected to contribute just over N30.17 million.
On the expenditure side, the academy plans to commit N8.79 billion to overhead costs, while personnel expenses are estimated at N1.36 billion. Capital projects are to take the largest share, with a proposed allocation of N13.86 billion.
Overall spending is expected to match the net revenue figure of N23.99 billion.
Okonna noted that the institution has undergone significant repositioning over the past year, aimed at boosting performance and aligning the academy with higher standards.
“In 2025 during the graduation ceremony out 2021 cadets that graduated we were able to get automatic employment and sea time experience for 80 of them.
“We mobilized 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
“In addition to that between December and February 2026, we signed and MOU with NLNG Shipping and Marine Services Limited for a three year duration agreement to provide onboard training opportunities for cadets of MAN. That has been implemented and we have successfully placed 43 of the cadets on nlng ships and they are sailing with the vessels,” he said.
The Maritime Academy of Nigeria has secured two international certifications covering its quality management systems, alongside a separate accreditation for its education management framework, marking a notable step in aligning its operations with global standards.
The institution has also improved campus living conditions, with uninterrupted 24-hour electricity now available to cadets and students.
Chairman of the Committee, Rep. Khadija Waziri-Bukar Ibrahim, highlighted the academy’s strategic importance in strengthening Nigeria’s maritime capabilities and developing skilled manpower.
She also underscored the broader significance of the maritime industry, describing it as a key driver of the nation’s economy.
“It supports international trade, enhances national security, and creates employment opportunities for our teeming youth. As a foremost training institution, the Maritime Academy of Nigeria, Oron plays a critical role in producing skilled manpower required to sustain and grow this sector.
“However, 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.
According to her, the Committee is committed to supporting initiatives that will enhance the quality of maritime education and training; improve infrastructure and learning facilities; strengthen staff capacity and welfare; promote international certifications and standards compliance; and ensure prudent and transparent use of public funds.
“At the same time, we expect the Management of the Academy to demonstrate a high level of fiscal discipline, accountability, and strategic planning. Budgetary allocations must translate into tangible improvements that can be seen and felt by cadets, staff, and the nation at large.
“As you present your budget, we urge you to be concise, factual, and transparent. Provide clear insights into your revenue projections, expenditure framework, ongoing projects, and priority areas for the fiscal year. The Committee will engage constructively, ask necessary questions, and make recommendations in the best interest of the sector and the Nigerian people,” she said.
She said the engagement was not adversarial but collaborative.
“Our shared goal is to strengthen the Maritime Academy of Nigeria, Oron into a world-class institution capable of competing globally and contributing meaningfully to Nigeria’s blue economy,” she said.