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FEC Approves Over N216bn for Lekki Seaport

The Federal Executive Council, FEC has approved the construction of the Lekki deep seaport in Lagos state at the cost of N216.7 billion with a completion period of four years.
FEC presided over by Vice President Namadi Sambo also approved the construction and rehabilitation of nine roads across the country at the cost of N15.7billion.
Statehouse Correspondent Ikharo Attah reports that today’s approval is the highest single financial approval by the council in recent times.
Addressing State House correspondents at the end of the meeting, the Minister of Information, Labaran Maku, in company of Minister of Transport, Idris Umar and Supervising Minister of National Planning, Bashir Yuguda, said the port will be developed under Public Private Partnership (PPP) arrangements for a concession period of 45 years to be undertaken in favour of Messrs Lekki Ports LFTZ Enterprise.
Shedding more light on the project, Minister of Transport said the Federal Government has 20 per cent equity under the arrangement, Lagos State Government has 18.5 per cent equity while the private investors have 61.85 per cent equity.
The nine road projects spread across the country are the construction of Kankara-Gurbi Road in Katsina state at the cost of N1.4 billion, construction of Isoko Ring Road in Delta State at the cost of N2.1 billion, construction/rehabilitation of Yashi-Duguri-Yalo Road (Duguri-Dungare-Yalo Section) in Bauchi State at the cost of N1.75 billion and the construction of Jarmai-Bashar Road in Plateau State at the cost of N1.38 billion.
Others are the rehabilitation of Wukari/Akwana Road in Taraba State at the cost of N3.97 billion, the construction of Ajase/Offa/Erin-Ike/Osun State Boundary Road at the cost of N1.24 billion, the construction of Takum-Dongawa Road (15km) in Katsina-Alato Katum at the cost of N1 billion, the construction of River Ebba Bridge at Cheche, Katcha Local Government in Niger State at the cost N1.48 billion and the rehabilitation of Amanwaozuzu-Uzoagba-Eziama-Orie-Amaohia road in Imo State at the cost N1.275 billion.Others are the construction of Benin/Adumagbae-Egba-Akure Road in Edo/Ondo states at the cost of N3.287 billion, the reconstruction of Nung Udoe-Etinan-Ekom-Iman Road in Akwa Ibom State at the cost of N2.383billion, and construction of Bida-Sacci-Nupeko Road in Niger state at the cost of N8.673 billion.
Reported by Ikharo Attah


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