N9 trillion PPP projects approved by Buhari’s administration, says ICRC
•Charges Tinubu to adopt model to build infrastructure
In the face of dwindling resources, public-private partnership (PPP) offers a cheaper route for the government to build critical infrastructure, the Infrastructure Concession Regulatory Commission (ICRC) has said
The advice came even as it revealed that the total PPP approvals granted in the past eight years were valued at N9 trillion.
The Director-General of the commission, Michael Ohiani, who stated this in Abuja, expressed optimism that the Tinubu administration would deploy PPP model to improve Nigeria’s infrastructure situation.
He added that the Commission was committed to playing its role in the necessary pre- and post-contract regulatory guidance at the federal level, as well as working with the sub-national bodies to lift the country’s infrastructure to globally accepted levels.
Ohiani stated that going by the President’s antecedents as ex-governor of Lagos state, he would revolutionise the infrastructure stock. He said he conceptualised the Lekki Free Trade Zone, which now showcases the Lekki Deep Sea Port, the Dangote Refinery and many other world-class businesses.
He noted that it was evident that given the need to upscale the national infrastructure stock and bridge the wide gap in the midst of dwindling government revenue, PPP has become the globally tested and accepted way to go.
“From the inception of ICRC in 2010 to date, following our regulatory guidance in line with extant rules and subsequent issuance of Full Business Case (FBC) compliance certificates, a total of 103 PPP projects have been approved by the Federal Executive Council (FEC). These projects will bring in private capital investment of almost NGN11 Trillion (approximately USD24 Billion),” he said.
The ICRC DG explained that out of the 103 projects, 94 approvals worth almost N9 trillion (about $19.5 billion) were granted in the last eight years under the administration of ex-President Muhammadu Buhari.
He further highlighted that in line with the ICRC Act, 2005, the Commission published in 2022 a list of 53 eligible PPP projects worth $23 billion in the pipelines of projects, sequel to their certification as both viable and bankable to be undertaken using PPP.
“In addition, the Commission has issued Outline Business Case (OBC) compliance certificates for 174 projects to proceed with procurement. Many of these projects are at different stages of procurement. These projects cut across various sectors including but not limited to transportation, health, education, aviation, agriculture and water,” he said.
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