Cargo tracking program approved by FEC for all ports
A collaboration of five Belgian corporations and four local logistics companies will jointly undertake the project over the course of a 15-year concession.
The Federal Executive Council gave its approval on Wednesday for electronic cargo tracking notes to be installed countrywide in ports.
It was stated that this will address a number of issues, including the under-declaration, concealment, and incorrect classification of crucial cargo, as well as offer transparency in cargo billing.
This information was provided to reporters by the Minister of Transportation, Mu'azu Sambo, at a briefing at the State House following this week's Federal Executive Council meeting, which was presided over by Major General Muhammadu Buhari (retd.).
According to Sambo, the plan will stop income leaks and bring in between N90 million and N235 million annually for the FG.
A collaboration of five Belgian corporations and four local logistics companies will jointly undertake the project over the course of a 15-year concession.
A 60-40% revenue split will be used, with the FG receiving the larger portion.
According to Sambo, the PPP would make it possible to track oil exports and lessen oil theft, which has cost the government millions of dollars.
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