The FEC grants 2.59 billion dollars for the development of the seaport of Badagry

The Federal Executive Council (FEC) has approved $2.59 billion for the development of Badagry Deep Seaport under a public-private partnership (PPP) agreement.

This was revealed by Transport Minister Mu'azu Sambo while briefing correspondents on the outcome of the Federal Executive Council (FEC) chaired by President Muhammadu Buhari at the Presidential Villa in Abuja on Wednesday.< /p>

He said it will be granted to the developers for a period of 45 years, after which it will revert to the federal government.

According to him, during the concession period, the project is expected to create around a quarter of a million jobs while generating an income of around 53.6 billion.

He added that the project is expected to make Nigeria a maritime hub in West Africa.

Explaining the approval, Sambo said, "I am pleased to announce to you and the general public that I have today presented a memorandum to council regarding the development of the Badagry deep seaport under the public-private partnership agreement, where the private sector will inject money for the development of the port and at the end of the concession period, the port will revert to the Federal Government of Nigeria through of the Nigerian Ports Authority (NPA).

"The cost of the project as contained and approved by the board based on the final business case approved by the Infrastructure Concession Regulatory Commission (ICRC) in accordance with applicable laws shall be was $2.59 billion.

“It is to be developed in four phases with milestones and the concession period of 45 years. The reversion is, as I said, to the Federal Government of Nigeria. This is to advance the government's goal of making Nigeria the maritime hub of the West and Central Africa sub-region.

“This project, it may interest you, will also generate total revenues of more than $53.6 billion over the concession period. It will create approximately a quarter of a million jobs and will also attract foreign direct investment in the country and will help to improve the economy of Nigeria in general and the welfare of Nigerians.”

The board also justified the approval of the sum of N1,145,000,000.00 for the purchase of vehicles for the Republic of Niger.

Following outrage over the measure revealed by popular social media influencer, David Hundeyin, on Wednesday, Minister of Finance, Budget and National Planning, Ms. Zainab Ahmed, argued that while the Nigerians have a right to question, President Muhammadu Buhari who approved the purchase also has the prerogative to make his own assessment on situations an act in the interest of the country.

Responding to questions about this, she said it is Nigeria's policy to help its neighbors build their capacity to deal with insecurity.

The document released by the media influencer showed that the President approved the release of the fund on February 22 this year.

He revealed that the contract to supply the 10 units of Toyota Land Cruisers had been awarded to IFO Kaura Motors Nig. Limited.

Questioned as the Federal Government purchased the vehicles for another country despite Nigeria's economic situation, the Finance Minister said, "Let me say that over time Nigeria has had to support its neighbors , especially the immediate neighbors to improve their ability to secure their country as far as we are concerned. This is not the first time that Nigeria has come to the aid of Niger Republic, Cameroon or Chad.

“The chair assesses what is needed based on the request of its chairs. These requests are approved and interventions are provided.

"It's about building their capacity to protect their country, in terms of security and also Nigeria."

When told that Nigerians were complaining about the action, Ms. Ahmed replied, "Nigerians have a right to ask questions, but the president also has a responsibility to make an assessment of what is in the best interest of the country and I cannot question the decision myself.

“I said this is not the first time and that Nigeria as a country is intervening with our neighbours. It is in Nigeria's interest to do so.”

She said her ministry presented a note to the FEC on the national monitoring and evaluation policy for the country, explaining, "The policy sets out a framework for institutionalizing the practice of monitoring and evaluation (M&E) to promote good governance, learning and accountability for results that will help improve the socio-economic development of the country and improve the well-being of citizens.

“The policy clarifies how M&E is to be conducted in the country, specifies the position, institutional and financial arrangements and modalities for feedback, especially from citizens, so that decision makers can effective use of evidence by government and stakeholders.. .