The Federal Executive Council, FEC, on Wednesday ratified the $3.1 billion anticipatory approval by President Muhammadu Buhari for the modernization of the Nigerian Customs Service, NCS,
The modernization project which is a Public, Private Partnership, PPP, concession expected to last for 20-years, was awarded to Messers E. Customs HC Project Limited as a concessionaire.
This was disclosed by the Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, while briefing State House correspondents at the end of the virtual FEC meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.
She explained that the project will not cost the federal government anything as the $3.1 billion being proposed will be sourced by the sponsors and their partners.
She said, “The minister of Finance, Budget, and National Planning presented a memo, which is for the ratification of Mr. President’s anticipatory approval for the contract for The Customs modernization.
“The purpose of the memo we presented to Council was for a project that will enable the complete automation of the Nigerian Custom Service processes and procedures using the application and information and technology in all aspects of Customs administration, in favour of a firm known as E. Customs HC Projects Nigeria Limited For a concessionary period of 20 years.