Through its official X (formerly Twitter) account, the Nigerian Presidency announced a significant reform in the development of public infrastructure. With this move, Tinubu has given the Infrastructure Concession Regulatory Commission (ICRC) additional authority to monitor approval thresholds for Public-Private Partnership (PPP) projects.
The statement states that the Federal Government’s Ministries, Departments, and Agencies (MDAs) can now independently accept PPP projects under ₦20 billion, as long as the proposals strictly adhere to ICRC rules which have been previously certified by the commission.
The move is aimed at streamlining infrastructure development, improving project delivery timelines, and enhancing investor confidence in Nigeria’s PPP framework. The president’s empowerment gives the ICRC the responsibility “to implement a more efficient PPP project delivery process by approving PPP thresholds for Minerals, Developments, and Agencies (MDAs),” the statement read.
Credit: @NGRPresident via x.com.
The ICRC was created by the ICRC Act of 2005 and is responsible for overseeing, regulating, and monitoring PPP project execution nationwide. The commission will now have a more robust gatekeeping role as a result of this new instruction, making sure that all PPP contracts under the ₦20 billion level adhere to value-for-money standards and best practices in procurement.
Credit: @NGRPresident via x.com.
The policy move represents a major attempt at decentralisation, giving MDAs more freedom to carry out projects without sacrificing accountability or monitoring.
The administration added that this strategy would support President Tinubu’s larger plan for economic transformation, which aims to lessen the financial strain on the federal government by utilising private resources and experience to provide vital infrastructure.
Further details and implementation guidelines are expected to be released by the ICRC in the coming days.
Credit: @NGRPresident via x.com.
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