• Privacy Policy
  • Terms
  • About us
  • Contact Us
Tuesday, February 7, 2023
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Nigeria moves to review ICRC Act

ICRC

The Matters Press by The Matters Press
February 28, 2022
Reading Time: 4 mins read
0
Nigeria moves to review ICRC Act

Plans to review the Infrastructure Concession Regulatory Commission (ICRC) Act 2005 to address and amend certain provisions are underway.

RELATED POSTS

Agriculture accounts for 23.78% of GDP

3 ships discharge frozen fish at Lagos ports – NPA

NUPRC gazettes 5 oil industry regulations, completes 6 others

The Acting Director-General (D-G), Mr Micheal Ohiani, made this known on Sunday in Abuja.

Ohiani said that having operated the Act over the years, there were certain provisions that needed amendment while there were some provisions that should be in the Act to make it more robust that were not there.

“Before ICRC came into being, there were some projects we call Legacy Projects that did not have Outline Business Case (OBC) certificates issued to them to show the bankability and the commercial viability of such projects.

“We have problems with such projects. However, moving forward what happens is that before a project is signed, you have the Contract Agreement, it is the Bible or Quran of the project.

“So there are in built terms and condition if you default and the appropriate sanctions are embedded in the contract.

“So what we do is that to ensure compliance with the terms of agreement you have signed up, there are sanctions for each if you default on the project.

“Having operated our Act over the years, we are trying to review it and make it more robust so that it will take care of some of the shortcomings that we noticed in the cause of operating the Act.”

ALSO READ  ICRC trains MDA’s on risk management

Although, the D-G did not give the exact stage the planned review was presently, he assured that when completed, it would boost the activities of the organisation.

On sanctions for defaulting concessionaires, he said that in a contract agreement, if the concessionaire failed to fulfil the terms of the concession, such would be sanctioned.

“There is the KPI, the Key Performance Indicator embedded in the contract, if you do not abide by this, there are repercussions.

“One interesting thing you also need to note is that a concessionaire will not want to default so that he will be able to recoup his investment, it is in his own interest to carry out the obligation.

“This is because the cash flow that he gets from the implementation of the concession agreement is what he uses to defray the loans he obtained from the bank.”

He also said that the commission carries out periodic monitoring and where there was an issue quickly steps in to handle the matter.

He made reference to the issue of vandalism of vehicles at the Lagos International Airport’s multi-level car park and based on the terms of the contract, the concessionaire was able to pay for the damages.

On its collaboration with the Bureau of Public Enterprises (BPE) to deliver on infrastructure to Nigerians, Ohiani assured that none of the responsibilities of ICRC had been taken over by BPE.

ALSO READ  How preferences, policies dwindle Naira value

He said that rather, both organisations had a very good working relationship and with the issuance of the circular on ‘Administration of Concession Programme of the Federal Government of Nigeria, it had gotten better.

The circular was issued following the absence of clear distinction between the functions of ICRC and BPE and its consequences on investors’ confidence in the Nigerian economy.

“What happened was that prior to coming on board of ICRC, BPE used concession as one of the modes of the privatisation and commercialisation.

“ICRC is statutorily charged with Public Private Partnership (PPP) regulatory oversight and we are not unmindful of the fact that recently, a circular was issued by the Federal Government.

“It is called Administration of Concession Programme of the Federal Government of Nigeria and it came out on Sept. 14 2020.

“But as a government and responsible agency, once a circular has been issued, all public officers have to comply with the circular.

However, in complying with the circular, you do not break existing laws. It has to be in tandem with existing laws and that has even been underscored by the circular too.

“We are working seamlessly with BPE to ensure the implementation of the circular, in fact, about two weeks ago, BPE sent us a list of projects they want us to gazette.

“The infrastructure gap in the country is too big, so you need all the agencies to work together.

ALSO READ  Scraping, abandoning Ajaokuta steel coy will be a waste — DG

“We are working for the same government, so all we do is to collaborate so that at the end of the day, the President’s agenda in trying to deliver to the ordinary Nigerian, the infrastructure benefit is achieved by mutual, interagency collaboration and cooperation.”

According to him, for all PPP processes in the country involving Federal Government enterprises, ICRC issues the guideline, certificate of compliance and the Full Business Case (FBC) certificate which is taken to the Federal Executive Council (FEC) for approval before such projects can commence.

Ohiani also said that there was strong collaboration between the organisation and the state governments to promote infrastructure development through PPP and that about 29 states had established their PPP units.

He said that to enhance this, there was a PPP network which meets quarterly hosted under the aegis of the Governor’s Forum, while ICRC acts as secretariat to coordinate and align the Federal Government PPP levels with state government PPP.

“By this, we know the challenges they are encountering and we advise, we also subject each state to a form of peer review mechanism to see where you are doing right and if there are challenges, how do they go about it?

“More importantly, where the state government wants to carry out a PPP project that is under the exclusive legislative list, it has to be guided to abide by the standards set by ICRC.”

Tags: ICRC
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria to rebase CPI, GDP
Economy/Technology

Agriculture accounts for 23.78% of GDP

February 7, 2023
Council seeks incentives to boost indigenous ship operations
Economy/Technology

3 ships discharge frozen fish at Lagos ports – NPA

February 7, 2023
Chevron, NNPC secure $1.4bn for drilling project
Economy/Technology

NUPRC gazettes 5 oil industry regulations, completes 6 others

February 7, 2023
Food shortage: Nigeria bans foreigners from direct purchase of produce from farmers
Economy/Technology

Food traders lament spoilage due to low patronage as banknotes crunch bites harder

February 7, 2023
FIRS deploys tech platform for tax collection
Economy/Technology

LIRS, FIRS sign pact on tax audit

February 7, 2023
Trading in Nigerian stock market dips further N83bn
Economy/Technology

Stock market extends gains by N81bn

February 7, 2023
Next Post
Infrastructure gulp N2,7tn in Nigeria

Nigeria commits to bridging infrastructure gap

Pace of work on Lekki Deep Seaport excites minister

Lekki Deep Sea Port 96% complete

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Buhari flags off AKK gas project

New revenue allocation formula underway – Buhari

April 8, 2022
Council seeks incentives to boost indigenous ship operations

7 ships with fuel, other products waiting to berth at Lagos ports

February 16, 2022
Nigeria’s N17.1trn budget to gets presidential accent on Friday

Nigeria’s N17.1trn budget to gets presidential accent on Friday

December 28, 2021

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Agriculture accounts for 23.78% of GDP
  • 3 ships discharge frozen fish at Lagos ports – NPA
  • NUPRC gazettes 5 oil industry regulations, completes 6 others

Categories

  • Economy/Technology
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?