•Says scheme will track exports, reduce oil theft
From Juliana Taiwo-Obalonye, Abuja
The Federal Executive Council on Wednesday, approved the installation of Electronic Cargo Tracking Notes for in ports nationwide.
The Minister of Transportation, Mu’azu Sambo, made the disclosure while briefing State House Correspondents after the Federal Executive Council meeting presided over by the President Muhammadu Buhari, at the Aso Rock Villa, Abuja.
According to Sambo. this will tackle several challenges such as the under-declaration, concealment and wrong classification of important cargo and provide transparency in cargo invoicing.
He said the scheme will plug revenue leakages and is expected to generate between $90 million to $235 million annually for the government.
The project will be co-implemented by a consortium of five Belgian companies and four indigenous logistics firms in a concession that will last 15 years.
The revenue sharing formula will be a 60-40 per cent, with the government at the center taking the lion share.
The Public-Private Partnership, Sambo added, will track oil exports and reduce oil theft that has cost the government millions of dollars