The Director-General of the Infrastructure Concession Regulatory Commission, Michael Ohiani, has disclosed that various asset concessions are projected to contribute N185.2 billion in revenue to the Federal Government’s treasury account in 2023.
Ohiani made this announcement in the commission’s second-quarter bulletin, which was obtained by Saturday PUNCH on Friday.
He emphasized that these projects, attracting billions of dollars in private sector investments amounting to N10.8 trillion, would play a significant role in addressing the nation’s infrastructure deficit.
Furthermore, he stressed that public-private partnerships were not only essential for closing infrastructure gaps but also crucial for job creation and stimulating economic growth at both the state and federal levels.
Ohiani stated, “These approvals in the second quarter of 2023, brought to 103 the total number of PPP projects that had been approved by FEC since the inception of the commission. The PPP projects will see the investment of N10.8tn ($23bn) in private sector funds to develop infrastructure in Nigeria. These investments also translate to a revenue expectation of N185.2bn to the Federal Government of Nigeria in 2023 alone,” as mentioned in the bulletin.
The bulletin also revealed that the commission issued 27 compliance certificates to various ministries, agencies, and departments in the second quarter of 2023 as part of the government’s efforts to bridge the infrastructure gap.
A breakdown indicated that four outline business cases and 24 full business cases compliance certificates were awarded to potential private investors to promote public and private partnerships. An outline business case outlines initial project proposals and includes the necessary information for decision-making. Meanwhile, a full business case provides comprehensive details on project scope and cost before seeking approval for contract award.
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