The Federal Executive Council (FEC) has approved $2.59 billion for the development of Badagry Deep Seaport project through a public/private partnership (PPP) arrangement.

Transportation Minister Muazu Jaji Sambo announced this while addressing State House correspondents after the week’s virtual FEC meeting presided over by President Muhammadu Buhari yesterday in Abuja.

The minister said the project would be funded by private partners.

He said, on completion, the project would be run by the private partners for 45 years, after which it would be handed back to the Federal Government.

Sambo said the seaport would generate more than $53.6 billion over the period of concession arrangement, employ about 250,000 Nigerians and attract more foreign direct investment into the country.

“I’m pleased to announce to you and the general public that I presented a memo today at council with respect to the development of the Badagry Deep Seaport under the public private partnership arrangement, where the private sector will inject money for the development of the port and at the end of the concessionary period, the port reverts to the Federal Government of Nigeria through the Nigerian Ports Authority (NPA),” he said.

The minister explained that the project is part of “government’s goal of making Nigeria the maritime hub of the West and Central African sub-regions”.

Also, Federal Capital Territory (FCT) Minister Mohammed Musa Bello said he presented two memoranda to council.

He said one of them was for the procurement of 60 utility vehicles, security gadgets and associated accessories to support the security agencies operating within the FCT.

The minister said the vehicles will be supplied by Coscharis Motors Limited and that they would be equipped with communication gadgets at the sum of N1,835,108,613.95 with a delivery period of two months.

Bello also said council approved the supply of various security gadgets and accessories to support security agencies in the FCT.

The contract for this was awarded to Messrs E&S Technical Limited at the sum of N847,139,764.57, making the total of the two procurements N2,682,248,378.52.

Information and Culture Minister Lai Mohammed said the Secretary to Government of the Federation (SGF), Mr. Boss Mustapha, also presented a memo to procure operational vehicles for the Independent Corrupt Practices and other related offences Commission (ICPC).

The minister said the ICPC made a request to procure 25 operational vehicles; 13 Toyota Hilux 2.7 litres and Peugeot 3008 SUV for a total sum of N810,534,380.72.

“The need for the procurement is based on the fact that the ICPC has increased its activities and this has been occasioned by improved management, expansion of scope of operations, through establishment of more state offices across the country, increase in personnel, among others.

“As you know, the ICPC, today, has also taken over supervision of consistency in projects. The memo request was approved and is to Messrs. Kaura Motors Limited,” he said.

Also, Minister of Finance Budget and National Planning, Mrs. Zainab Ahmed, said her ministry presented a memorandum to council on the National Monitoring and Evaluation policy for the country.

“The policy defines a framework for the institutionalisation of the practice of Monitoring and Evaluation (M&E) to promote good governance, learning and accountability for results that will contribute to improve socio-economic development of the country and enhance the wellbeing of citizens.

“The policy clarifies how M&E should be conducted in the country, specify the position, institutional and financial arrangements and the modalities for feedback, especially from citizens, so that decision makers can make effective use of evidence by government and stakeholders to inform policy strategies and investment.

“The council approved the memo. This M&E policy was developed in close collaboration with the states, development partners, academia and several experts and associations of monitoring and evaluation in Nigeria,” she said.