FEC okays $4.7bn Ondo, Lagos, Delta Ports development…
Written by City Radio on May 18, 2023
The Federal Executive Council (FEC) on Wednesday approved port development projects worth $4,713,841,477 in Ondo, Lagos and Delta States.
The council presided over by President Muhammadu Buhari at the Presidential Villa, Abuja on Wednesday gave the go ahead for the development of Ondo Multi-Purpose Port, Ilaje, Snake Island in Lagos and Burutu in Delta State.
The Minister of State for Transportation, Prince Ademola Adegoroye, who briefed correspondents on the matter after the meeting, said the projects are to be executed through public private partnership arrangement at no cost to the federal government.
He said the Ondo port will cost the private developers the sum of $1,480,465,253 and would be concessioned for a period of 50 years with the accruals to the concessionaire and the federal government expected to be $50 billion and $2.6billion, respectively.
He said the Burutu port will cost $1,285,005,818; concessioned for 40 years with the concessionaire and the federal government expected to reap $125billion and $9 billion respectively.
The Snake Island Port will gulp $974,185,203 and be concessioned for 45 years with the concessionaire and the federal government receiving $18billion and $5.23billion respectively in accruals within the period.
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