The Federal Executive Council (FEC) at its weekly meeting on Wednesday approved electronic cargo tracking device that will monitor all vessels entering and leaving Nigeria's water space.
Minister of Transportation, Jaji Sambo, who disclosed this to newsmen after the meeting presided over by President Muhammadu Buhari, at the State House Abuja, said the device will help curb the recurring incidents of oil thefts along the Nigerian maritime water.
He said: "This scheme includes also the tracking of our oil exports. This way we are going to reduce, if not totally eliminate oil theft"
Sambo disclosed that the Electronic cargo tracking put in place, a scheme already widely implemented in 26 African counties, including Ghana, Senegal, Benin republic and Togo.
The devise, according to the Minister, is also expected to tackle under declaration at ports and secure imports and exports, provide transparency in cargo invoicing and declarations.
He disclosed that the countries where the devises are operational, have recorded tremendous improvement in the management of trades across borders.
His words: "The implementation of the scheme will abate the challenge of under declaration, concealment and wrong classification of cargo which are primary causes of revenue leakages, insecurity and safely issues at the borders.
"The deployment of the state of the art ECT will ensure the elimination of loop holes in border operations and boost government revenue in form of duties, port charges and levies.
"The platform will be deployed by a consortium of five companies made up of a foreign technical partner and four local companies.
"Apart from the above advantages, the scheme will also generate revenue for the government ranging from about $90 million per annum to a peak of about $235m per annum.
"Furthermore it is at no cost to the government, the investments are going to be made by the investing private sector companies and revenues that would be derived from the small margin of Charges would be shared in the ratio of 60 percent to the government and 40 percent to the consortium of companies".
Also on Wednesday, the Federal Government approved the sum of $53.1 million for the procurement and installation of electricity conductors and transformers that will help boost power supply in the country.
Minister of Power, Abubakar Aliyu, who also briefed newsmen, said when installed, the conductors will help address the challenge of constant tripping of circuit breakers due to overloading of electricity lines.
He revealed the cost of the conductors also includes a Naira component of N2.1billion.
"The total amount for these four components of conductors is $53,131, 128.93 plus an onshore component of N2, 127, 068, 626. 45," he said.
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According to him, the new conductors would be used to upgrade existing power lines, with the aim of enhancing their efficiency.
"These are existing lines which are being upgraded. The wires will be removed and new ones put in place and the difference is that the new ones will be more efficient because they carry more load than the old ones.
"They will reduce sagging because once the wires are aged, they will sag and they become vulnerable and heavier. So, these ones are lighter and can carry more electricity so it will improve efficiency and address the challenges of constant tripping of the breakers due to the overloading of these lines will be tremendously reduced," the Minister explained.
Aliyu listed the four components of the contract to include 173 kilometre Kubotso- Hadeja, line; 105 kilometre Kumbotso-Kankiya line; 90 kilometre Benin-Irrua line; 72 kilometre Irrua-Okpella; 48kilometre Okpella-Okenne, 58 kilometere Okenna-Ajaokuta lines and 394 kilometre Gombe-Biu-Damboa-Maiduguri line.
He also disclosed that Council approved a N1.46 billion contract for the procurement of 20 transformers ratio analysers for the Transmission Company of Nigeria.
