The Minister of Transportation, Mu’azu Jaji Sambo disclosed this during an interview with journalists at the end of the FEC
He explained that the private sector would inject money for the development of the port and at the end of the concessionary period, the port would revert to the federal government through the Nigerian Ports Authority (NPA), adding that the government was expecting to generate revenue of $53.6 billion over the 45 years concession period.
“The project cost as contained and approved in council based on the final business case as approved by the Infrastructure Concession Regulatory Commission (ICRC) in line with extant laws stood at $2.59 billion.
“It has to be developed in four phases with milestones and the concessional period of 45 years.
“Reversion is, like I said, to the Federal Government of Nigeria. This is to further the government’s goal of making Nigeria the maritime hub of the West and Central Africa sub-region.
“This project, it may interest you to know, will also generate a total revenue of over $53.6 billion over the concession period. It will create about one quarter million jobs and also attract foreign direct investments to the country and help in improving Nigeria’s economy in general and the wellbeing of Nigerians,” he said.
Also, the federal government has reacted to public outcry over Nigeria’s support to Niger Republic through purchase of security vehicles, saying its procurement of 10 security vehicles for the neighbouring country at a cost of N1.145 billion was in the overall interest of Nigeria.
There had been criticisms over federal government’s generosity to the neighbouring country as some have questioned why such money should be given to Niger Republic, when public universities in Nigerian remained closed for over ive months over the inability of the government to meet up with the demands of staff.
President Muhammadu Buhari had approved the release of the fund on the 22nd of February, 2022, while the contract to supply the 10 units of Toyoya Land Cruisers was awarded to IFO Kaura Motors Nig. Limited.
Commenting on the issue, Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, argued that even though Nigerians have the right to question the gesture, Buhari, who approved the purchase also has the right to make his own assessment on situations and act accordingly.
Also answering reporters’ questions after the FEC meeting presided over by the president at the State House, Abuja, the minister said Nigeria has a policy of assisting its neighbours to strengthen capacity to deal with insecurity.
“Let me just say that overtime, Nigeria has had to support its neighbours especially, the immediate neighbours to enhance their capacity to secure their countries as it relates to us. This is not the first time that Nigeria had assisted Niger Republic, Cameroon or Chad.
“The president makes an assessment as to what is required based on the request of their presidents. Such requests are approved and interventions are provided. It is to enhance their capacity to protect their countries, as it relates to security and also to Nigeria.
“Nigerians have the rights to ask questions, but also the President has the responsibility to make an assessment of what is in the best interest of the country and I cannot question the decision myself. I have said that this is not the first time and that Nigeria as a country, has provided an intervention to our neighbours. It is in the best interest of Nigeria to do so,” she said.
