News
FG Unveils New PPP Guidelines To Boost Infrastructure
The Federal Government, through the Infrastructure Concession Regulatory Commission, has issued new guidelines on Public-Private Partnerships, Decentralising Approval Powers to ministries, departments, and agencies.
The guidelines provide directions and requirements to set up the Project Approval Board for the new approval thresholds of under N20 billion for ministries and N10 billion for agencies and parastatals as approved by the President.
It provides steps for preparing the Outline Business Case, Full Business Case, and financial model; and guides the procurement routes, PPP agreement, among others.
It said the new guidelines were introduced to regulate the development and implementation of all PPP projects in Nigeria to accelerate and attract private sector investment.
This was contained in a press release issued by the Commission yesterday, stating that the framework was developed under the ICRC Act, 2005, and in line with a presidential directive aimed at overhauling Nigeria’s infrastructure delivery through PPPs.
It was formally unveiled during a high-level stakeholders’ engagement with representatives from all MDAs of the federal government directly involved in PPPs.
The Director General of the ICRC, Jobson Ewalefoh, presented the guidelines, taking stakeholders through each section, responding to questions, and clarifying points to ensure a clear understanding.
The new guidelines are in response to President Bola Ahmed Tinubu’s vision to liberalise the economy and in line with his charge to the ICRC to seek innovative ways to attract private sector finance to build infrastructure through PPPs.
By the end of the engagement, participants expressed strong support for the reforms and a readiness to immediately begin implementing the new guidelines.
While presenting the guidelines, Dr. Ewalefoh stressed, “These rules establish a definitive framework for the conception, development, and execution of PPP projects in Nigeria. They decentralise project approvals to empower MDAs for faster delivery while safeguarding the ICRC’s role as regulator of PPPs in Nigeria.
“Every PPP project, regardless of sector, scale, or origin, must strictly comply with these provisions. Every project shall be subjected to our due diligence and compliance requirements.”
He re-emphasised the role of the ICRC as a regulator of PPPs and not an operator or grantor of projects, and informed the participants that the commission will continually facilitate and coordinate negotiations between MDAs and private proponents to ensure that the terms and conditions of agreements are fair to parties and implementable.
He underscored that the Presidency’s decision to delegate greater approval authority to MDAs, with ICRC regulating the process, also comes with heightened accountability and zero tolerance for non-compliance.
The ICRC reaffirmed its commitment to collaborate with MDAs, private investors, financiers, and development partners to reposition Nigeria as the continent’s leading destination for bankable and transformative PPP projects.
President Bola Tinubu has congratulated all the winners of Saturday, August 16, by-elections in 16 constituencies across 12 states.
A statement by the presidential spokesman, Bayo Onanuga, stated that the President commended the Independent National Electoral Commission (INEC) for the hitch-free elections, mostly devoid of violence.
Following the results declared by INEC, the All Progressives Congress (APC) won in 12 constituencies, the All Progressives Grand Alliance (APGA) won in two, the Peoples Democratic Party (PDP) won in one, and the New Nigeria Peoples Party (NNPP) won in one.
President Tinubu congratulated the new APC National Chairman, Prof Nentawe Yilwatda, for the emphatic first victory recorded under his leadership.
He also congratulated the APC governors and other leaders on the success of the by-elections.
“Chairman Nentawe Yilwatda has shown leadership capacity and demonstrated what is achievable when popular candidates are fielded and with unity of purpose among party leaders,” the President remarks.
“To all APC faithful and the electorate, thank you for the confidence reposed in our party. Be assured that our Renewed Hope slogan is not a mere slogan. Our destination is a better, more secure and prosperous Nigeria. We shall take you there, by the Grace of God,” he said.
President Tinubu commended all the political parties and candidates who participated in the election and enjoined them to continue to be guided by the spirit of sportsmanship, fair contest and magnanimity, which are enablers of enduring democracy.
The Rivers State Government has disclosed its plan to establish the Rivers State Emergency Management Agency, which will take over the responsibilities of the Central Working Committee on Emergency Preparedness, Flood Management and Control.
The State Administrator, Vice Admiral Ibok-Ete Ibas (Rtd), revealed this during a sensitisation campaign of the Central Working Committee on Flood Management and Control at the Dr. Obi Wali International Conference Centre, Port Harcourt, last Friday.
He explained that the government is engaging the Federal Government and international partners to mobilise resources for improved flood management systems, covering pre-flood measures, interventions during flooding, and post-flood recovery projects, as well as early warning infrastructure.
Ibas, in a statement from the Office of the Secretary to the State Government, last Friday, said the initiative forms part of the state’s proactive strategy to mitigate flooding through awareness, prevention, preparedness, and community participation.
Represented by the Secretary to the State Government, Prof. Ibibia Lucky Worika, the Administrator urged the committee to go beyond responding to disasters and instead anticipate vulnerable areas, reduce the impact of flooding, and equip residents with the knowledge and tools to protect themselves.
He added that the State is enforcing environmental laws to curb indiscriminate refuse disposal, illegal dumping, and construction on flood plains, which worsen flooding incidents.
According to him, effective flood management requires collaboration between the public sector, local communities, civil society, and the private sector, as government alone cannot tackle the challenge.
-
Business4 days agoAfDB Secures N3.4trn For Agro-industrial Processing In Nigeria
-
Business4 days ago
Investment Flow To Nigeria Drops By 70%
-
Featured4 days agoNigeria Accounts For 70% Of 11m Illegal Arms In W/Africa
-
Business4 days ago
CBN Plans Legal Action Against FX Contract Violators
-
Politics4 days ago
APC Doesn’t Have Money, Relies On Elected Members For Funds – NWC Member
-
Politics4 days ago
Rivers LG Polls: IPAC Asks Political Parties Not To Participate
-
News18 hours agoNigeria’s Debt To W’Bank IDA Hits $19.2bn -Report
-
News4 days agoNCos Frees 28,149 Inmates After Payment Of Fines, Compensation In 2024