The Director-General/Chief Executive of the Infrastructure Concession, Regulatory Commission (ICRC) Mr. Mike Ohiani will today educate Nigerians on the benefits of developing infrastructure through public-private partnership.
The DG was invited by the leadership of the Nigerian Governors Forum (NGF) to speak on the Topic” Closing Infrastructure gap through public-Private partnership” at the ongoing induction programme for newly elected state governors being organized by the Forum (NGF) in Abuja.
The lecture will discuss issues such as reasons for current infrastructure gap in the country and ways to address it for the benefit of the country and the investors.
At the opening of the induction programme yesterday, Nigeria’s former Minister of Finance and current Director-General of the World Trade Organization (WTO), Dr Ngozi Okonjo-Iweala, asked state governors to embrace reforms that would lead to economic growth in their respective states. She said the country faces challenges on the fiscal, debt, and monetary policy fronts.
On the revenue side, the WTO DG said states have a substantial responsibility, adding that “too few states” are raising internally generated revenue (IGR) of any significance.
Citing data from the National Bureau of Statistics (NBS) and state-audited financial statements by BudgIT, a civic-tech group, she said “33 states relied on federal transfers for the majority of their revenue”.
“For 13 of these states, monthly FAAC allocations accounted for over 70 percent of revenue,” she said.
“While I commend those states that have made additional efforts, governors need to do much more. States must figure out ways to increase IGR. This goes hand in hand with using your 48 percent share of federal allocations more transparently, efficiently and effectively.
“You must share with your state citizens how much FAAC allocation you receive each month, how much IGR you collect, and how you spend it.
In 2008, the Federal Government of Nigeria established the Infrastructure Concession Regulatory Commission (ICRC) under the Infrastructure Concession Regulatory Commission (establishment, etc) Act, 2005.
The ICRC was established to regulate Public Private Partnership (PPP) endeavours of the Federal government aimed at addressing Nigeria’s physical infrastructure deficit which hampers economic development.
The pioneer Governing Body of ICRC was inaugurated on 27 November, 2008 by the late President Umaru Musa Yar’adua, GCFR. The pioneer Board had a former Nigerian Head of State, Chief Ernest Shonekan, as its Chairman and Engr. Mansur Ahmed, was the pioneerDirector General from 2008 – 2012.
The strategic objective of the ICRC is to accelerate investment in national infrastructure through private sector funding by enabling the Federal Government of Nigeria and its Ministries, Departments, and Agencies (MDAs) to establish and implement effective Public-Private Partnerships (PPPs). ICRC was established to superintend and regulate Public-Private Partnership (PPP) endeavours of the Federal Government of Nigeria aimed at addressing Nigeria’s physical infrastructure deficit which hampers economic development.