FEC APPROVES FUNDS FOR LAGOS SEA PORT....

The Federal Executive Council (FEC) yesterday approved the first ever Deep Sea port in Nigeria to cost about N221.9 billion.  The Minister of Transport, Alhaji Idris Umar announced this after the weekly FEC meeting presided over by Vice-President Namadi Sambo. Umar said the seaport when completed would give Nigeria its first deep sea port since independence and end congestion at the Apapa port. The Lekki Deep Sea port, will now be completed in the next four years. Also, the Senate yesterday approved the inclusion of Lagos State Development Policy Operation II (DPO) into the proposed pipeline projects under the 2012-2014 external borrowing plan. This allows the Lagos State Government to borrow the second tranche of 200 million dollars from the World Bank. President Goodluck Jonathan had on Oct. 24, urged the National Assembly to include the Lagos State Development Policy Operation (DPO) of 200 million dollars into the 2012-2014 Medium Term Borrowing Plan (MTBP). Jonathan said the fund formed part of the credit of 600 million dollars granted to the Lagos State Government in 2010 for implementation in three batches. Eko o ni baje…Lol!