New Telegraph

FEC approves $18.12m, N3.255bn to procure scanners for Customs

…N75bn investment fund for 68m youths Lawrence Olaoye

The Federal Executive Council (FEC) has approved the sum of $18.2 million foreign component and N3.22 billion local component for the procurement of scanning machine for the Nigerian Customs Service (NCS). The Council chaired by President Muhammadu Buhari also approved the establishment of a N75 billion Youth Investment Fund meant to create special window for accessing credit facilities to fund their ideas and innovations. This came as it approved the proposal presented by the Minister of Works and Housing, Babatunde Fashola, for a policy on local production of bitumen in the country.

Briefing newsmen the after the meeting, the Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed, said the Scanning machine was meant for Onne Port in Port- Harcourt. She said: “Today at council, we presented two memos; the first memo was for seeking council’s approval for the revision of a contract that was previously approved by council in 2018 for the supply and installation of three numbers rapsican mobile cargo scanner.

These are large size cargo scanners that will be placed in Onne port, Port Harcourt port and Tin Can port. They are scanners that can actually drive containers through. That will fasten inspection and the need for the Customs to open containers and do the physical inspection as they are doing now that is causing us a lot of time as well as loss of revenue. “This contract is awarded to a company that is named Messrs Airwave Limited and the contract is in the sum of $18.12 million of foreign component. There is also local component of N3. 255 billion inclusive of five per cent VAT.

The review became necessary in order to accommodate VAT which was not included in the initial contract and also due to dispute that we had arising from exchange rate differential. So, we have now a resolution and an understanding and FEC approval for this contract to go on.” She continued: “The second memo we presented to council today is also the Nigerian Customs Service.

It is for the design, construction and supply of five numbers of fast ballistic reverie assault boats and five numbers patrol boats with all associated accessories in favour of Messre CY West African Limited in the sum of N280, 992, 888,75 inclusive of 7.5 VAT.

“The Nigerian Customs Service needs these boats to enhance its operational efficiency and combat smuggling activities on our waterways. This will also significantly boost revenue collection and other core duties of maritime unit of the Nigerian Customs Service.” Minister of Sports and Youth Development, Sunday Dare, in his briefing on the Youth Investment Fund would target the nation’s 68 million youth population.

He said: “The best way to call it is that for the first time, the country will have a youth bank; a fund that will cater specifically for our youth within the stipulated age band, which is going to be between 18 and 35 years.” He continued: “The second approval was for the Ministry of Youth and Sports Development to play a lead role in working on necessary steps that need to be taken in terms of legislation, organisation and other aspects of financing. “The Federal Ministry of Finance, Budget and National Planning will take the lead when it comes to the aspect of financing, working with the CBN, the Ministry of Youth and Sports Development and other relevant MDAs.

A couple of other details will be released later, but I think the most important thing is that the N75 billion Nigerian Youth Investment Fund, to cater specifically for this target group, a population of over 68 million, got the attention and support of the Federal Executive Council today and this fund will be assessed by our youths. Once they are able to present their ideas, they can assess this fund directly.”

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