The Federal Executive Council (FEC) has approved $4,713,841,477 for the development of the Ondo Multi-Purpose Port, Ilaje; Snake Island in Lagos, and Burutu Port in Delta State.
The approval was given during Wednesday’s FEC meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.
Minister of State for Transportation, Prince Ademola Adegoroye told State House correspondents that the council gave the authorisation for the development of the three ports.
According to him, the projects which are to be executed through Public-Private Partnership (PPP) arrangements at no cost to the Federal Government.
He said the Ondo port would cost the private developers $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 $2.6 billion, respectively
”The Burutu port will cost $1,285,005,818; concessioned for 40 years, with the concessionaire and the Federal Government expected to reap $125 billion 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 $18 billion and $5.23 billion, respectively in accruals within the period,” he said.