Minister of Finance, Dr. Ngozi Okonjo-Iweala
Text Box: N722.29m ratified for Escravos rehabilitation at Ogidigben
By Jaiyeola Andrews
Sequel to a memo brought before it by the Coordinating Minister for Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, seeking approval to obtain an additional credit facility from the International Development Association (IDA) in support of the second Lagos State Development Policy Operation, the Federal Executive Council (FEC) yesterday approved $200 million towards this end.
The council equally approved that the Ministry of Finance obtains an IDA credit in the sum of $42.3 million as additional financing for the Lagos-Epe secondary education project.
Minister of Information, Labaran Maku, disclosed this while briefing State House correspondents shortly after the weekly FEC meeting.
According to him, the $200 million would be dedicated to the construction of a 27km light rail, construction of schools and the construction of Adiyan Mini Water Works to provide 2 million gallons of water per day.
The objective of the project Maku said was to improve on public finance in a sustainable manner, as well as consolidate on the achievements recorded under the first phase of the project.
“Council approved that the ministry of finance obtain additional credit facility in the sum of $200 million from the international development association (IDA) in support of the second Lagos state development operation.
“Council also approved that the coordinating Minister for the economy should execute the financing agreement on behalf of the federal government; and direct the Attorney General of the Federation and Minister of Justice to issue the legal opinion required to render the credit effective.
“Council approved that the CME should execute the financing agreement on behalf of the FG and direct the attorney-general to issue the legal opinion to render the credit effect” the minister said.
Maku also disclosed that Minister of Transport, Idris Umar, presented a memo seeking council’s approval for the commissioning of consultancy services for the Shore Protection and Rehabilitation of Escravos Breakwaters and Greenfield Port Development at Ogidingbe, Delta State for the Nigerian Ports Authority.
In this wise, he said “council approved the commission of consultancy services for the Shore Protection and rehabilitation of Escravos Breakwaters and Greenfield Port Development at Ogidingben, Delta State, for the NPA/Ministry of Transport in favour of Messrs Royal Haskoninb DHV in the sums of N722.29m and €2.05m inclusive of all taxes.
“The latter payable at the prevailing exchange rate at the time of payment with a completion period of eight months.
“The project is in line with government desire through the NPA to restore the structural stability of the Escravos Breakwaters constructed in the 1950s, develop a new port and build Central Processing Centres for the Fertilizer and Petrochemical Plants as well as infrastructural development to support the Gas-to-Energy Revolution in the Ogidingben area.”
The Minister added that when it come on stream, the project will generate 1,700 job opportunities for professionals and non-professionals during the planning and construction of the Escravos Port and related industrial development, breakwater and dredging operations.
He further explained that 10,000 jobs will be created during the operations phase on an annual basis for professionals and non professionals.
“There is a budgetary provision of N50 million in the 2014 NOA budget and a proposal for the balance of N803.5m in the 2015 budget,” Maku stressed.
The council equally approved that the Ministry of Finance obtains an IDA credit in the sum of $42.3 million as additional financing for the Lagos-Epe secondary education project.
Minister of Information, Labaran Maku, disclosed this while briefing State House correspondents shortly after the weekly FEC meeting.
According to him, the $200 million would be dedicated to the construction of a 27km light rail, construction of schools and the construction of Adiyan Mini Water Works to provide 2 million gallons of water per day.
The objective of the project Maku said was to improve on public finance in a sustainable manner, as well as consolidate on the achievements recorded under the first phase of the project.
“Council approved that the ministry of finance obtain additional credit facility in the sum of $200 million from the international development association (IDA) in support of the second Lagos state development operation.
“Council also approved that the coordinating Minister for the economy should execute the financing agreement on behalf of the federal government; and direct the Attorney General of the Federation and Minister of Justice to issue the legal opinion required to render the credit effective.
“Council approved that the CME should execute the financing agreement on behalf of the FG and direct the attorney-general to issue the legal opinion to render the credit effect” the minister said.
Maku also disclosed that Minister of Transport, Idris Umar, presented a memo seeking council’s approval for the commissioning of consultancy services for the Shore Protection and Rehabilitation of Escravos Breakwaters and Greenfield Port Development at Ogidingbe, Delta State for the Nigerian Ports Authority.
In this wise, he said “council approved the commission of consultancy services for the Shore Protection and rehabilitation of Escravos Breakwaters and Greenfield Port Development at Ogidingben, Delta State, for the NPA/Ministry of Transport in favour of Messrs Royal Haskoninb DHV in the sums of N722.29m and €2.05m inclusive of all taxes.
“The latter payable at the prevailing exchange rate at the time of payment with a completion period of eight months.
“The project is in line with government desire through the NPA to restore the structural stability of the Escravos Breakwaters constructed in the 1950s, develop a new port and build Central Processing Centres for the Fertilizer and Petrochemical Plants as well as infrastructural development to support the Gas-to-Energy Revolution in the Ogidingben area.”
The Minister added that when it come on stream, the project will generate 1,700 job opportunities for professionals and non-professionals during the planning and construction of the Escravos Port and related industrial development, breakwater and dredging operations.
He further explained that 10,000 jobs will be created during the operations phase on an annual basis for professionals and non professionals.
“There is a budgetary provision of N50 million in the 2014 NOA budget and a proposal for the balance of N803.5m in the 2015 budget,” Maku stressed.
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