Ademola Adegoroye, the minister of state for transportation, told state house reporters this after President Muhammadu Buhari presided over the federal cabinet meeting at Abuja’s presidential villa.
The council approved the construction of Ondo multi-purpose port, ilaje, snake island in Lagos, and Burutu in the delta state, according to him.
The proposals would be carried out at no cost to the federal government, according to him. According to Adegoroyee, the ondo port would cost the private developers $1,480,465,253 and be rehabilitated for a 50-year term, with the concessionaire and the federal government expected to earn $50 billion and $2.6 billion respectively.
The snake island port would gulp $974,185,203 and be renegotiated for 45 years, with the concessionaire and the federal government receiving $18 billion and $5.23 billion respectively in accruals throughout the contract.