Maritime Academy Nigeria Targets N24.01bn Revenue by 2026

The Maritime Academy Nigeria, located in Oron, Akwa Ibom State, has set a revenue target of N24.01 billion for the 2026 fiscal year. This announcement was made by the Rector, Dr. Kevin Okonna, during a budget defense session before the House of Representatives Committee on Maritime Safety, Education, and Administration.

The expected revenue includes N10.805 billion from the Consolidated Revenue Fund, with a net revenue expectation of N23.10 billion after deductions. The revenue sources are diverse, including a five percent statutory fund from NIMASA amounting to N13.33 billion, an outstanding budget release of N55 million from MOWCA, and anticipated cadet student fees generating N697.38 million.

Additionally, revenue from projects is expected to contribute N30.174 million. The Committee Chairman, Hon. Khadija Waziri Bukar Ibrahim, emphasized the academy's role in enhancing Nigeria's maritime capacity, supporting international trade, improving national security, and creating employment opportunities for the youth.