[size=14pt]FEC approves N49bn augmentation for projects •As Apapa Port gets N20bn for development [/size]
Written by Leon Usigbe, Abuja
Thursday, 03 November 2011

THE Federal Executive Council (FEC) has approved about N49billion for the augmentation of contracts for the development of satellite towns in the Federal Capital Territory (FCT) and the dredging of the Lower River Niger as it announced its intention to concentrate efforts on the development of infrastructure in FCT satellite towns to decongest the city.

The approval came following a memo submitted by the FCT Minister, Senator Bala Mohammed, to the council presided over by President Goodluck Jonathan at the State House Villa in Abuja on Wednesday, seeking approval for a review of the contract sum in respect of the provision of engineering infrastructure to Kubwa and Karshi satellite towns.

Briefing State House correspondents after the meeting, Minister of Information, Labaran Maku, who was joined by the Minister of State for FCT, Chief Jumoke Akinjide and  the Minister of Transport, Senator Idris Umar, said the council approved the augmentation of the contract for Kubwa Satellite town (Districts 4 and 5) by N23, 799,385,870.10 from the previous N18, 884, 104, 962. 39; bringing the total cost to N42, 683,490,832.49.

He said the Karshi Satellite town project was also augmented with  N16,699,807,504.88 from the contract sum of N11,520,240,993.12, bringing the total cost to N28,220,048,498.00.

On the Lower River Niger dredging project, the minister disclosed the augmentation of the contract sums by the sum of  N8,528,358,812.00 bringing the total sum to N43,334,712,332.00 from the original contract sum of N34,806,353,521.00.

The council also approved the re-development of the port facilities at Bullnose, Lagos Port Complex Apapa at the cost of $124,400,000.000 payable in prevailing exchange rate at the time of payment over 20 years lease period for oil and gas operations.

http://www.tribune.com.ng/index.php/news/30681-fec-approves-n49bn-augmentation-for-projects-as-apapa-port-gets-n20bn-for-development

Is the money enough to return a litlle bit of sanity to that port?

From other news, the expansion of Apapa port is mainly to boost oil and gas shipping. Sanity can only be brought by reducing corruption.

Useless set of leaders. Just take a look at the condition of the Apapa to Oworonshoki Federal road and you will see why this government is a hoax.