FEC okays purchase of electronic cargo tracking device for port operations
• Target $235m yearly revenue
The Federal Executive Council (FEC) meeting, chaired by President Muhammadu Buhari, yesterday, ratified resolution for procurement of an electronic cargo-tracking device for port operations in the country.
Cabinet members deliberated on a memo presented by Minister of Transportation, Mu’azu Jaji Sambo, where he affirmed that the device would help port operators detect under-declaration of goods, ensure accurate invoicing and prevent concealment, wrong calculations and other dubious practices within port corridors.
The minister said the facility would be deployed by a Belgian firm, Autisa, in conjunction with other indigenous firms at no extra cost to the government.
He said when fully operational, it is expected to shore up government’s revenue base from $90 million to $235 million yearly.
Sambo, who briefed newsmen on some of the deliberations, said the device would also instil a regime of effective crude oil tracking and eliminate oil theft.
He revealed that Ghana, Republic of Benin and other countries are already using the facility in their port operations with recorded success.