‘ Tin-Can Port privatisation is boosting Nigeria’s revenue’

Chairman of the Senate Committee on Commercialisation and Privatisation has said that the federal government’s aim of privatising Tin-Can Island Port, Lagos, was significantly achieved.

Specifically,

he

said,

having improved its services, the port is now contributing immensely to the revenue base of Nigeria.

He noted that the government privatised the ports to ensure efficient service delivery and infrastructural development.

Obadara, who spoke during the Committee’s oversight visit to the Tin-Can Island Port, said the concession fees paid by the concessionaires contributed to the nation’s annual budget as against the pre-concession period when the Federal Government allocated huge sums of money to maintain the ports.

“The Federal Government, through the Bureau of Public Enterprises (BPE), concessioned the ports to ensure development and efficiency which in turn would yield high revenue for government as it is applicable in other countries with ports,” Obadara was quoted saying in a statement from the BPE.

Receiving the Senators, the General Manger of Josephdam Port Services Limited, Mr. Dimon Travers, said the recent approval by the Federal Government for the company to extend its lease on TinCan Island Port Terminal ‘A’ by five years, gave them the opportunity to fully comply with the tenets of the concession agreement and to also develop the terminal.