Nigerian govt. to complete Baro River Port with N500m

The Federal Executive Council has approved N500 million for the completion of the Barro River Port.

The Minister of Transportation, Rotimi Amaechi, disclosed this to State House correspondents on Wednesday after the Federal Executive Council meeting.

“The council deliberated on three major contracts that will assist us in the completion which is the purchase of forklifts. We hope that in the next four to six months, we should be able to complete the Baro River Port.

“The Minister of Works was also directed to look at the roads leading to the River Port while on the other side, we will look at the revival of the narrow gauge to the port.

“The cost is not more than N500 million. They are just completion equipment,” the minister stated.

On why the acting President was yet to swear in the two new ministers cleared by the Senate, Information minister said “Am not sure whether we’ve had the communication from National Assembly. But what I’d do is that I’d probably ask from the acting president or the liaison officer then I’d come and give the you feedback.

Specifically, the Senate had recently screened and confirmed Stephen Ocheni and Suleiman Hassan as ministers, following their nominations by President Muhammadu Buhari in March this year.

Ocheni is from Kogi State which has not had representation in the Federal Executive Council as constitutionally required, since the death of James Ocholi in an accident last year.

Hassan, Gombe State, is to replace Amina Mohammed who left Nigeria’s public service to take up responsibilities at the United Nations.

Watch Also: Nigeria ratifies treaties to curb tax evasion by multinationals

On her part, Finance Minister said the council approved and permission was granted by Council to sign a multilateral convention to implement tax treaty related matters to prevent us prevent base erosion and profit shifting.

She explained that the administration is very focused on revenue generation and mobilisation and part of that work is to improve our tax collection.

She said: One of the means by which major companies evade is a practice called base erosion and profit shifting which means that the profit that was made in Nigeria using accounting methods shift it to a country that has little or no tax.

“So, really the country in which profit was generated doesn’t get tax, they go and declare those profits in a country that has very low tax. There is a contact among the G20 countries and the OECD to end this and Nigeria was part of those who negotiated this convention and todaycouncil gave us permission to go and sign the conventions.”

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.