The Infrastructure Concession Regulatory Fee (ICRC) says it’s planning an audit of all public-private partnership (PPP) initiatives to implement insurance coverage and guarantee compliance with statutory necessities.
In keeping with a press release on Wednesday, Jobson Ewalefoh, director-general of the ICRC, spoke concerning the fee’s plans when he visited Olubunmi Tunji-Ojo, minister of inside.
The senate had confirmed Ewalefoh as the brand new director-general of the ICRC in July, following his appointment by President Bola Tinubu on July 13.
Ewalefoh mentioned the federal authorities would be sure that all of the initiatives are insured, as required by the Infrastructure Concession Regulatory Fee Institution Act, 2005.
He mentioned the fee is already engaged on evaluating the efficiency of all PPP initiatives, noting that the fee will practice PPP desk officers in ministries, departments, and businesses (MDAs) because the initiative has begun.
“We’re already setting up a mechanism to begin auditing the efficiency of PPP agreements that we have now signed up to now. We don’t wish to condemn or terminate them, however we wish to optimise them,” the ICRC boss mentioned.
“With regards to the problem of insurance coverage, after all, it’s a matter of legislation for all nationwide belongings, each onerous and comfortable infrastructure, which might be concessioned by PPP to be insured. That’s one space we’re going to look into very quickly.
“We’re going to situation a coverage that each one belongings below PPP should, in compliance with the legislation, be insured.”
Ewalefoh thanked Tunji-Ojo for main efforts to make use of PPP in addressing key infrastructure wants and defined that his go to was because of the minister’s efficiency.
He mentioned up to now yr, Tunji-Ojo had taken the best variety of PPP initiatives to the federal govt council (FEC) for approval.
“My folks simply did a sum of the entire quantity of funding that has come into this ministry in your time as minister within the final one yr, and it’s over 5 hundred million {dollars}.
“We can’t thanks sufficient as a champion of PPP.
“We’re utilizing this chance to inform the world that the federal government of President Bola Tinubu respects the sanctity of contracts and to guarantee buyers that their funding is protected.”
‘WE’RE LEVERAGING PRIVATE SECTOR RESOURCES FOR PROJECTS’
On his half, Tunji-Ojo recommended the appointment of Ewalefoh because the director-general of ICRC.
He described it as a transparent demonstration of the federal government’s dedication to diversifying the economic system and empowering the non-public sector.
Tunji-Ojo mentioned the ministry plans to make use of PPPs to make key businesses self-reliant and scale back their reliance on authorities funding.
“We consider a number of our businesses ought to be off finances, and we’re working in direction of that as a result of authorities assets are restricted. Nigeria’s inhabitants is rising, and we have now to be progressive by way of financing,” he mentioned.
Tunji-Ojo mentioned the ministry is leveraging non-public sector assets for a number of initiatives, together with the info centre, e-gate, and the superior passenger info system.
“Every thing we have now executed within the ministry at this time is especially by PPPs,” the minister mentioned.
He mentioned the significance of PPPs in bettering effectivity and productiveness isn’t just about accessing funds, but additionally about leveraging experience.
Tunji-Ojo mentioned the ministry would proceed to work intently with the ICRC because the fee contributes “key technical inputs” to its initiatives.
