THE Federal Executive Council (FEC) yesterday approved a contract for the Electronic Cargo Tracking (ECT) note which will revolutionise Nigeria’s capacity to monitor maritime cargo movements.
Transportation Minister Mu’azu Jaji Sambo announced this while addressing State House correspondents after the week’s FEC meeting, which was presided over by President Muhammadu Buhari at the Presidential Villa in Abuja.
According to Sambo, the state-of-the-art scheme, which had been in use in not less than 26 African countries, including Ghana, Benin Republic, Togo and Senegal, will also help to check oil theft along the nation’s maritime waters.
He said it “would tackle under-declaration at ports and secure imports and exports, provide transparency in cargo invoicing and declarations”.
Sambo added: “Some of the benefits of the cargo tracking system: these countries have recorded tremendous improvement in the management of trades across borders.
“The deployment of the state-of-the-art ECT will ensure the elimination of loopholes in border operations and boost the Federal Government revenue in the form of duties, port charges and levies. The platform will be deployed by a consortium of five companies made up of a foreign technical partner and four local companies. “
“This scheme will generate revenue to the Federal Government, ranging from about $90 million per annum to a peak of about $235 million per annum.
“Additionally, this scheme includes also the tracking of our oil exports. This way, we are going to reduce or totally eliminate oil theft. Furthermore, it is at no cost to the government.
“The investments are going to be made by the investing private sector companies, and revenues that would be derived from the small margin of charges would be shared in the ratio of 60 per cent to the government and 40 per cent to the consortium of companies.”
Also, the Federal Government approved $53.1 million for the procurement and installation of electricity conductors and transformers that will help boost power supply across the country.
Power Minister Abubakar Aliyu said when installed, the conductors will help address the challenge of constant tripping of circuit breakers due to overloading of electricity lines.
The minister said the cost of the conductors also includes a naira component of N2.1 billion.
“The total amount for these four components of conductors is $53,131,128.93, plus an onshore component of N2,127,068,626.45,” he said.
According to him, the new conductors will be used to upgrade existing power lines with the aim of enhancing their efficiency.
