The Nigerian Federal Executive Council has approved concession of 20 out of the 33 silos belonging to the Federal Government across the country.
Minister of Agriculture, Audu Ogbeh told State House Correspondents at the end of the council meeting yesterday presided over by President Muhmmadu Buhari.
He said the approval was sequel to the consideration of a memo to the council, seeking the concession of the silos.
He said the silos have a total capacity of 1,360,000 metric tons of grains.
“In 2014, the government decided to concession some of these silos, so that the private sector can help use them and pay a fee to the federal government,” he said.
The minister said the government will earn N6 billion in the 10-year period of the first instance. “The federal government remains the owner of the silos and at the end of 10 years it can neither renew, revoke or take over the silos and operate them ourselves,” he said.