Business
Commission Develops Disclosure Guideline For PPP
The Infrastructure Regulatory Concession Commission (ICRC) says it is developing a guideline that will ensure transparency and accountability of Public Private Partnership (PPP) projects in the country.
ICRC’s Executive Director, Support Service, Mr Chidi Izuwah, told newsmen recently in Abuja that the new guideline would expose Nigerians to activities of the PPP projects.
“The aim of this is that we are developing a disclosure guideline to ensure that when the government of Nigeria enters into Public Private Partnerships (PPP), that information about those contracts is available.
‘’What’s the obligation of government, what’s the obligation of the private party; their structural arrangement is transparently disclosed to the public.
“You know we have the Freedom of Information Act. So, this is also building on the freedom of information act.
“And recognise that transparency is one of the antidotes, one of the thrust of the anti-corruption drive of the present government.
“So this is to promote transparency in public private partnership contracts between the Federal Government of Nigeria and private entities.
“To ensure that those contracts are fully disclosed and known by Nigerians.’’
Izuwah stated that the guidelines would be developed based on international best practice which is intended to help boost the ease of doing business and increase investor’s confidence in business.
He said, “ by having this guideline which is built on the World Bank process it takes us to a compliance level.
“You can see what the World Bank is saying that the step Nigeria is taking is faster than any other country anywhere in the world.
“We are going to become a leading country in disclosure. If we are a leading country in disclosure it follows that we will be the leading country in attracting foreign investment.
“And if we are the leading country in attracting foreign investment, we will be leading country in infrastructure, so this is all very positive for our country.’’
Izuwah listed some items to be disclosed in the guideline to include the Special Purpose Vehicle (SPV), debt and equity structure of projects, the internal rate of return and obligations among others.
He said the disclosures guidelines would arm Nigerians to know what is obtainable and be able to ask questions and seek for a redress when necessary.
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