Skip to main content

FG needs $1.1 billion reinvestment for ports concession renewal - Oyetola

The concession of the ports was being delayed to allow government conclude its reinvestment plan and reconstruct the ports to meet required standard.

The Federal Government requires about 1.1 billion dollars reinvestment in the nation’s ports to renew the concession agreement.

The Minister of Marine and Blue Economy, Gboyega Oyetola, said this when he appeared before the House of Representatives Committee on Privatisation investigating ports concession in Abuja.

He said at the moment, the concession of the ports was being delayed to allow government conclude its reinvestment plan and reconstruct the ports to meet required standard. He said that the government would not seat back and watch the ports to completely collapsed.

The minister who was represented by the Permanent Secretary in the Ministry, Oloruntola Micheal, said the present agreement between the government and concessionaires was unacceptable.

He added that it fell below the required standard, saying, “under the mordenisation programme of the Port, the Ministry is envisioning a major reinvestment in the port system to meet expected service delivery".

This according to him, will be commensurate with the image of Nigeria and the level of international business that Nigeria is with.

“The current situation at the port does not meet the required standard. The investment quatum that is expected to be invested in the port will require a major rethink of the concession of the ports.

“As a result of that, the Ministry, in concert with the agency, the NPA in particular has begun a process of reinvestment package for the port.”

Also speaking, Mohammed Koko, Managing Director, Nigeria Ports Authority (NPA) said the proposal for renewal of the concession agreement for the ports was submitted to the Federal Executive Council in February 2023.

He explained that the FEC put the renewal on hold demanding additional information, adding that one of the issues raised by FEC was investment as it relates to existing infrastructure at the ports.

Ignatius Ayewoh, acting Director-General, Bureau for Public Enterprise, said that the government reinvestment plan should stop the renewal process of the concession exercise.

He said “I want to say that BPE was involved completely in this concessions arrangement and till date, monitoring has been taking place and some of the status report as per performance will be provided for record purpose."

Rep. Ibrahim Chidari, Chairman, House Committee on Privatisation and Commercialisation, said the Ministry must put measures in place to ensure that the government does not have to lose any revenue.

He said “after the expiration of the agreement in 2021, the terminal operators were given a six month extension twice and after that, there had been no extension.

“We don’t want them to continue to operate illegally because there must be no vacuum”.

ridoola.blogspot.com.ng
Labels:

Comments

Post a Comment

Popular posts from this blog

List of America's one-term presidents & why they were not re-elected

U.S. President Joe Biden becomes the most recent entrant in a list of president who served for only one term. U.S. President Joe Biden announced that he would not be seeking re-election for a second term in the November 5, 2024 elections. Biden, in a statement said that he would be focused on completing his remaining term, endorsing his Vice President Kamala Harris as his most preferred nominee for the Democratic Party to take on former President Donald Trump. Joe Biden endorses Kamala Harris as Democrats' candidate after withdrawing from race [X:@JoeBiden] Biden now joins a list of former U.S. Presidents that only served for one term. John Adams (1797-1801) The second president of the United States, John Adams was a Founding Father who faced significant challenges during his presidency, including conflicts with political adversaries and foreign nations. His support for the Alien and Sedition Acts, perceived as a violation of civil liberties, contributed to his unpopulari...
Post a Comment
Read more

Tinubu appoints MKO Abiola's son, Jamiu as SSA on Linguistics & Foreign Matters

President Bola Tinubu has appointed Jamiu Abiola as the Senior Special Assistant to the President on Linguistics and Foreign Matters. The appointee is one of the children of the late Chief Moshood Kolawole Abiola , the winner of the 1993 presidential election annulled by General Ibrahim Babangida . According to a statement by Segun Imohiosen , the Director of Information and Public Relations, Office of the Secretary to the Government of the Federation on Wednesday, November 27, 2024, Jamiu's appointment took effect from November 14, 2024. Imohiosen said the appointment aligns with the provisions of the Certain Political and Judicial Office Holders (Salaries and Allowances, etc) Act 2008, as amended. Until his recent deployment, the appointee served as the Special Assistant to the President of Special Duties in the office of the Vice President. Tinubu tasked Jamiu to work closely with the Federal Ministry of Foreign Affairs and bring his wealth of experience to bear in his new ...
Post a Comment
Read more

EndSARS, Aba women riot & 3 historical protests that shook Nigeria

These protests underscore the resilience and activism of the Nigerian people in their pursuit of justice, equity, and better governance. Ahead of the planned nationwide protest against President Bola Tinubu's administration, lawmakers and other government officials have appealed to Nigerian youths to shun the protest and seek dialogue for resolution. It is believed that the federal government has already stepped up advocacy and appeals to avoid what happened in Kenya a few weeks ago. The planned demonstration slated for Thursday, August 1, further stretches Nigeria's rich history of civil protests driven by various socio-political and economic issues. These protests have significantly influenced the country's trajectory. Here are five historical protests that have left an indelible mark on Nigeria: 1. Aba Women's Riot (1929) Aba Women's Riot (1929) The Aba Women's Riot, also known as the Women's War, was a major anti-colonial revolt by women in sou...
Post a Comment
Read more