By Abdullahi Sule
The Federal Executive Council (FEC) has approved port development projects worth $4,713,841,477 in Ondo, Lagos, and Delta states.
The approval was given on Wednesday during the weekly 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 authorization for the development of Ondo Multi-Purpose Port in Ilaje, Snake Island in Lagos and Burutu in Delta State which is financed by private firms and operates for 45, and 50 years.
Adegoroye said the projects are to be executed through Public-private Partnership (PPP) arrangements 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 $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.