The Federal Executive Council (FEC) approved port development projects worth $4,713,841,477 in the states of Ondo, Lagos, and Delta on Wednesday. The projects are for the development of the Ondo, Snake Island, and Burutu ports.
The meeting of the Federal Executive Council that was presided over by President Muhammadu Buhari and held at the Presidential Villa in Abuja ratified the approval.
The Ondo Multi-Purpose Port, Ilaje, Snake Island in Lagos, and Burutu in Delta State were approved during the lengthy meeting.
Following the meeting, Prince Ademola Adegoroye, Minister of State for Transportation, informed State House correspondents that the projects will be carried out in a public-private partnership arrangement at no cost to the federal government.
According to him, the Ondo port will cost private developers $1,480,465,253 and will be concessioned for 50 years. The concessionaire and the federal government are expected to receive $50 billion and $2.6 billion in accruals, respectively.
As per him, the Burutu port will cost $1,285,005,818; concessioned over the course of forty years, with the concessionaire and the federal government anticipating respective profits of $125 billion and $9 billion.
He said that the Snake Island Port will swallow $974,185,203 and be concessioned for a considerable length of time with the concessionaire and the national government getting $18billion and $5.23billion separately, in gatherings inside the period.
Additionally, the Council approved the construction of five brand-new federal secretariats in five of the federation's unincorporated states.
Clergyman of Data and Culture, Lai Mohammed talked for the Priest, saying the helping states are: Abia Ebonyi, Kebbi, Kogi and Taraba.
He claims that the new administration will help construct these new Secretariats.
Hadi Sirika, Minister of Aviation, made it clear that the council also approved changing the name of the Federal Ministry of Aviation to "Ministry of Aviation & Aerospace of Nigeria" during the closed-door meeting.
He said the advancement is with regards to current worldwide real factors in the flight area.
The Minister also said that a draft of the National Civil Aviation Policy, which was last looked at in 2013, had been approved by the FEC.