Olalekan Adetayo, Abuja

The Federal Executive Council on Wednesday approved two contracts totalling N283.255bn and a foreign component of $18.12m.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this to State House correspondents at the end of a virtual meeting of the council presided over by the President, Major General Muhammadu Buhari (retd.).

Ahmed said the two contracts were approved for the Nigeria Customs Service.

She said the first approval was for the revision of a contract that was previously approved by council in 2018 for the supply and installation of three mobile cargo scanners that would be placed in Onne, Port Harcourt and Tin Can Ports.

Ahmed said, “This contract is awarded to a company that is named Messrs Airwave Limited and the contract is in the sum of $18.12m of foreign component. There is also local component of N3.26bn inclusive of five per cent VAT.

“The review became necessary in order to accommodate VAT which was not included in the initial contract and also due to dispute that we had arisen from exchange rate differential. So, we now have a resolution and an understanding and FEC’s approval for this contract to go on.”

The second contract, according to the minister, was for the design, construction and supply of five ballistic assault boats and five patrol boats with all associated accessories in favour of Messrs CY West African Limited in the sum of N280,992, 888,75 inclusive of 7.5 per cent VAT.

She explained, “The Nigerian Customs Service needs these boats to enhance its operational efficiency and combat smuggling activities on our waterways.

“This will also significantly boost revenue collection and other core duties of maritime unit of the Nigerian Customs Service.”

On his part, the Minister of Works and Housing, Babatunde Fashola, said the council approved a policy for the local production of bitumen that is being used for road construction.

He said a significant amount of bitumen being used in road construction in Nigeria was imported, therefore creating jobs abroad.

Fashola said his ministry therefore recommended to the council to approve a directive to the Ministry of Petroleum Resources and the Ministry of Mines and Steel to develop strategies to enhance, stimulate, and encourage local production of bitumen.

He said, “That policy recommendation was approved by the council today to encourage bitumen production locally in Nigeria.”

According to him, this will help to further diversify the economy and open another sub-sector of the extractive and hydro-carbon industry for local opportunities.

The FEC also approved the establishment of a N75bn youth investment fund.

The Minister of Youths and Sports, Sunday Dare, disclosed this to State House Correspondents at the end of the council’s meeting.

The minister said the fund, which he described as “youth bank” was to support youth enterprise among Nigeria’s 68 million youths between ages of 18 and 35.

Qualified candidates, he said, would have access to the funds.

The minister said further details on the scheme would be released later.

https://punchng.com/fg-approves-n283-26bn-18-12m-for-customs-boats-scanners/

Some top govt officials will be jumping in ecstasy and uncontrollable joy somewhere right now, cos maga don pay. They will now get some obsolete China made supplies so they can steal a higher percentage of the approved funds, or they may not even get anything at all. Some months/years later they will contest elections in a ruling party with this loot, win, and begin to fake being sick or crippled or collapsing when asked to explain how funds were recklessly spent under their watch. This is our own corruption cycle in Nigeria.

Dem still de use manual for Apapa ports, a friends has been in Lagos for the last few days to get his containers cleared. The process so slow

If Dem add small money join this money and invest it in the power industry

We will have stable electricity now!!

But Dem too like to dey spend money on top thing wey masses no fit even benefit from

Na wa

It is well

Scam

.

Akpabio right now,

Had I known ministry of interior would have been profitable for me

Look at the insult I'm getting from NDDC

Yeye country..

Any job within Lagos plssssssss

Therebel20:
I hope it isn't embezzled.

..
Why not.
Are u a stranger here?

Approval Fiaaaam into own pockets. God do Justice for the helpless

What Scammers, why not use that money to secure the NigerDelta water ways and start federal government fishing vessels on the ocean? Since you people have sworn that NigerDeltans won't taste oil money atleast let us taste fish money

3/4 will be looted. They will buy expired 1950 gunboat

Billions everywhere! Nawaoe! Yet no results.

By the way, we have clearance sales for men's wears -50% discount off! Check my profile for pics and prices.

ogododo:
Dem still de use manual for Apapa ports, a friends has been in Lagos for the last few days to get his containers cleared. The process so slow

Going automatic isn't a problem but since na stealing be dier main aim of entering the position they won't think to dat way

Another money for the bois, soon and very soon this same money will go into private pockets..... Billions have been spent on insurgency yet boko is still killing.

Okay

The ones they will wreck in 2 months.....you won't believe your eyes ,when you visit the new Seme border, under 2 years of commission..... the only thing intact, is the mosque there.

dammmmmnnnnnn dude



issokay

Hearing figures These days gives me headache

Ok

If and only if they will make judicious use of the funds...e go make sense

Na hear wey de hear say dem spend money, we no de ever see wetin dem use am do.

Well, check my signature for guaranteed weekly ROI.