ICRC: FG Approved $8bn PPP Projects in Eight Years

The Director-General, ICRC, Chidi Izuwah, has said that between 2010 and 2018, the federal government gave approval to Public Private Partnership (PPP) projects worth about $8 billion.

Speaking at the joint PPP network meeting in Abuja, Izuwah noted that the amount was approved based on the regulatory guidance of the ICRC,

Izuwah said as of June 25 this year, there were 69 post-contract PPP projects under implementation at the ICRC Projects Disclosure Portal.

The portal, according to him is the first disclosure portal in the world, established by the ICRC in collaboration with the World Bank.

He said, “As of 31st October, 2019, there are 139 pre-contract projects at Development and Procurement phases at the ICRC website.

“Between 2010 and 2018, under the regulatory guidance of the ICRC, the Nigerian Government has approved PPP projects worth almost $8bn.”

He said as of the end of October, the Commission has granted nine Outline Business Case and nine Full Business Case Compliance Certificates for 2019.

This, he stated brings the total compliance certificates granted since inception to 76 OBCs and 31 FBCs certificates.

The latest of these certificates, according to him is the OBC Compliance Certificate for the 22 Teaching Hospitals upgrade and the FBC Compliance Certificate for the Automated Ticketing System for the Nigerian Railway Commission.

Speaking on the objectives of the conference, he said it seeks to identify as well as improve the bankability of selected PPP projects in Nigeria with a view to accessing project funding from African Export-Import Bank.

The Chairman, Senate Committee on Works Senator Adamu Alero, said the Senate would amend the ICRC Act to attract private sectors investment.

He said the Senate would come up with robust legislation around the ICRC act to ensure it meets the requirement of a dynamic environment like Nigeria.

He said, “At the senate, we believe that PPP is the only way to fast track infrastructural development in Nigeria.

“We are committed to this and we are ready to amend the act of the ICRC. We will come up with laws that will attract the private sector’s investment, laws that will promote security across the country so that we can attract both the local and private investors.”