FG To Generate $235m Annually From Electronic Cargo Tracking...Approves $53.1m for electricity conductors, transformers conductors

As part of efforts to guarantee ports security, the Federal Government has unveiled plans to generate $235 million annually from Electronic Cargo Tracking.  

Electronic Cargo Tracking System is a combination of specialised software and hardware that enables continuous tracking of cargoes and secure goods from sea pirates through different territories and customs-controlled areas.

To this end, the Federal Executive Council (FEC) on Wednesday approved the introduction of Electronic Cargo Tracking device that would safeguard vessels at the ports. 

Minister of Transportation, Alhaji Mu’azu Sambo stated this at the end of the weekly council meeting presided over by President Muhammadu Buhari on Wednesday in Abuja.

Sambo stated that the tracking device is already operational in 26 African countries including Ghana, Senegal, Benin republic and Togo.

He noted that the scheme is expected to tackle under declaration at ports and secure imports and exports, as well as provide transparency in cargo invoicing and declarations.

Sambo assured that when fully operational, the  scheme would address the challenges bordering on  under declaration, concealment and wrong classification of cargo, which are responsible for revenue leakages, insecurity and general security at the borders.

“The deployment and implementation of this state of the art ECT scheme will ensure the elimination of loopholes on border operations and boost the revenue of the Nigerian government in form of duties, Port charges and levies.

“It is expected that this scheme will generate revenues to the Nigerian government ranging from about 90 million dollars per anum to a peak of about 235 million dollars per anum,” he added. 

He noted that the electronic device would be deployed by a consortium of five companies made up of a foreign technical partner and four local companies at no cost to the Nigerian government.

In addition, the Federal Government approved the sum of $53.1 million for the procurement and installation of electricity conductors and transformers to boost power supply across the country.

Minister of Power, Abubakar Aliyu, who also spoke to newsmen on Wednesday, noted that the conductors would address the constant tripping of circuit breakers due to overloading of electricity line.

 He listed the four components of the contract to include 173 kilometres Kubotso- Hadeja line; 105 kilometres Kumbotso-Kankiya line;  90 kilometre Benin-Irrua line and 72 kilometres Irrua-Okpella.

Others are 48 kilometres Okpella-Okenne, 58 kilometeres Okenna-Ajaokuta lines and 394 kilometres Gombe-Biu-Damboa-Maiduguri line. 

Aliyu noted that the total amount for the four components of conductors is $53,131, 128.93, including an onshore component of N2, 127, 068, 626. 45.

The minister added that the council approved a N1.46 billion contract for the procurement of 20 transformers ratio analysers for the Transmission Company of Nigeria.