The Maritime Academy of Nigeria (MAN), Oron, Akwa Ibom state has announced a revenue target of N24, 01 billion for the 2026 fiscal year.
Its acting rector, Dr Kevin Okonna Okonna stated this when he appeared before the House of Representatives Committee on Maritime Safety, Education and Administration for the institution’s 2026 budget defence on Wednesday.
He stated that if realised, a remittance to Consolidated Revenue Fund of N10, 805, 915 is expected to be deducted, leaving net revenue of about N23. 10 billion.
The expected revenue of the institution include a five percent NIMASA statutory fund of N13.33 billion, outstanding 2025 budget release of N55 million, and MOWCA fund of N696. 7million.
He said funds expected from cadets and students fees is expected to generate N697.38 million, while other revenue sources including rent is projected at N30,174 million.
Chairman of the committee, Hon. Khadija Waziri-Bukar Ibrahim, said the institution remains central to Nigeria’s maritime capacity.
“It supports international trade, enhances national security, and creates employment opportunities for our teeming youth,” she said.
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