By Aaron Ossai
Maritime Academy of Nigeria, MAN, Oron, Akwa Ibom State is projecting a revenue of N24, 010,563,603.44 for the 2026 fiscal year, its Acting Rector, Dr. Kevin Okonna has said.
Okonna made the disclosure when he appeared before the House of Representatives Committee on Maritime Safety, Education and Administration for the institution’s 2026 budget defence.
According to him, “this sum when the projected remittance to Consolidated Revenue Fund of N10, 805, 915 is deducted, it will leave net revenue of 23, 999, 757, and 688.44.”
Breaking down the expected revenue, he said it includes 5 percent NIMASA statutory fund of 13, 333, 194, 665.74; expected outstanding 2025 budget release of N55, 000, 000 and MOWCA fund of N696, 664, 160.64.
Speaking further, the Rector said funds expected from cadets and students fees is projected to bring in N697, 380, 000, while other revenue sources including rent is projected to bring in N30, 174, 140.
The projected expenditure, he continued include overhead cost of N8, 787, 698, 249.52; personnel emoluments of N1, 356, 817, 590.36; and capital expenditure of N13, 855, 241, 848.55 adding that total expenditure is expected to hit N23, 999, 757, 688.44.
The Acting Rector said in the past one year, the institution has been repositioned to greater heights.
“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.
He said MAN has received two international certifications for its quality management systems and also got certified for education organizations management systems.
In her remarks, the Chairman of the Committee, Hon. Khadija Waziri-Bukar Ibrahim said the institution remains central to Nigeria’s maritime capacity development and human capital advancement adding that the maritime sector is a vital pillar of Nigeria’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 the 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.
She said 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.
