The Minister of State for Transportation, Mr Ademola Adegoroye, has expressed excitement over the Federal Government approval for Ondo Seaport by the Federal Government.
The approval for port development projects worth $4,713,841,477 in Delta, Ondo and Lagos States on Wednesday
The approval was announced after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari
The Minister’s excitement was contained in a statement issued on Thursday in Akure, by Mr Ebenezer Adeniyan, Special Assistant on Media and Publicity to the Minister.
Adegoroye, who hails from Ondo state said he feels fulfilled that the port licence has become a reality.
The Ondo port would cost the private developers the sum of $1,480,465,253 and would be concessioned for a period of 50 years.
The accruals to the concessionaire and the Federal Government are expected to be $50 billion and $2.6billion, respectively.
On the license, the Minister said: “I was graciously appointed Minister by President Buhari about 10 months ago, precisely July 6, 2022.
“My Governor, elder brother and Leader, Arakunrin Rotimi Akeredolu, gave me one major task. He told me that Ondo State was sending me to Abuja not to make money or facilitate contracts but simply to get the Federal Government to approve our port and get the port licence.
“On my own, I added the reconstruction of Akure-Ado Road, to my task list. I feel fulfilled today that I have delivered on my mandate. God is good.
“I thank God and I appreciate, Mr President and members of the FEC in particular, my colleague and senior minister in my ministry, Muazu Jaji Sambo, for helping me achieve this feat. I am fulfilled,” he said.
According to him, the projects which are to be executed through Public-Private Partnership (PPP) arrangements at no cost to the Federal Government, will be financed by the private firms and to be operated for 45 and 50 years.
”The Burutu port will cost $1,285,005,818; concessioned for 40 years, with the concessionaire and the Federal Government expected to reap $125 billion and $9 billion, respectively.
”The Snake Island Port will gulp $974,185,203 and be concessioned for 45 years with the concessionaire and the Federal Government receiving $18 billion and $5.23 billion, respectively in accruals within the period,” he said.
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