FEC approves cargo tracking scheme for ports nationwide

The Federal Executive Council on Wednesday approved the installation of Electronic Cargo Tracking Notes in ports nationwide.

It said this would tackle several challenges such as the under-declaration, concealment and wrong classification of important cargo and provide transparency in cargo invoicing.

The Minister of Transportation, Mu’azu Sambo, disclosed this while briefing State House Correspondents after this week’s Federal Executive Council meeting presided over by the President, Major General Muhammadu Buhari (retd.).

Sambo said the scheme would plug revenue leaks and is expected to generate between N90m-N235m dollars annually for the FG.

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 FG taking the greater share.

The Public-Private Partnership, Sambo said, would enable the tracking of oil exports and reduce oil theft that has cost the government millions of dollars

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