Government needs N10b yearly to tackle infrastructure deficit, says ICRC boss

The Acting Director General of Infrastructure Concession Regulatory Commission (ICRC), Chidi Izuwah, has disclosed that the Federal government needs over N10billion yearly to solve infrastructure deficit.

Izuwah stated this at the 2017 fellows’ award and investiture of the Institute of Directors Nigeria in Lagos.He said the Federal Government has adopted the recommendation of the Public Private Partnership (PPP) to advance the airports.

He, however, added that the paucity of funds is hindering the completion of some projects.Izuwah who spoke on the theme: “Infrastructure development as a means to national growth,” said private capital was necessary to boost the funding of infrasructure.

He stressed that the responsibility of the ICRC as a regulator, is to ensure that the seven principles in the national policy revolves around the security of investment, affordability and public interest to make PPP available to the stakeholders.

“What we are doing is to look at the mechanism of the projects and provide the right frame work that could attract investors. “We need to bring in the PPP to partner government which lack the private sector’s involvement and the needed capacity that is key to national aspiration.Izuwa explained that pension funds are other sources of capital, which could be exploited through the PPP to provide infrastructure.

He said infrastructure is an antidote to inflation because it is long-dated, adding that the private sector is crucial to driving the return on investment, which government’s funding does not guarantee.He tasked Nigerians to be more patriotic and stop saying negative things about the country, especially as it is competing with other countries.