• SAYS SCHEME WILL TRACK EXPORTS, REDUCE OIL THEFT
The installation of Electronic Cargo Tracking Notes for ports nationwide, has been approved by the Federal Executive Council presided over by President Mohammadu Buhari, on Wednesday.
This was disclosed by the Minister of Transportation, Mu’azu Sambo, while briefing State House Correspondents, after the Federal Executive Council meeting at the Aso Rock Villa, Abuja.
Sambo explained that it would tackle several challenges such as the under-declaration, concealment and wrong classification of important cargos and promote transparency in cargo invoicing.
According to him, the scheme would plug revenue leakages and is expected to generate between $90 million to $235 million annually for the government.
Sambo stressed that the project would be co-implemented by a consortium of five Belgian companies and four indigenous logistics firms in a concession that would last 15 years.
He said the revenue sharing formula would be a 60-40 per cent, with the government at the center taking the lion share.
According to him, the Public-Private Partnership, would equally track oil exports and reduce oil theft that has cost the government millions of dollars.
