Tinubu’s Ibom Deep Seaport Approval: Questions over Buhari’s 2020 Clearance and Financing
Akwa Ibom's Ibom Deep Seaport receives approval from Bola Tinubu, but questions linger about the investor, terms, potential tax liabilities, and FEC approval for a sovereign guarantee.
Governor Umo Eno of Akwa Ibom State has announced that former Lagos governor, Bola Tinubu, has given the green light for the development of the Ibom Deep Seaport, raising questions about the project’s financing and the role of President Buhari in its 2020 clearance. According to Premium Times Nigeria, Governor Eno stated that Tinubu’s latest approval would enable a sovereign guarantee for investors, but concerns persist about the identity of the investor, the terms of the agreement, potential taxpayer liabilities, and whether the Federal Executive Council (FEC) has approved the guarantee as required by law. This development comes amidst ongoing discussions about the role of state governments and the private sector in driving Nigeria’s economic growth and job creation. It remains to be seen how the Ibom Deep Seaport project will proceed and whether it will contribute to the nation’s economic recovery.
Source: Premium Times Nigeria
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