The Federal Government, through the Infrastructure Concession Regulatory Commission (ICRC), has announced plans to audit all Public-Private Partnership (PPP) projects to assess their performance and ensure compliance with statutory insurance requirements. This move aims to optimize PPP agreements and safeguard national assets under these partnerships.
ICRC Director General, Dr. Jobson Oseodion Ewalefoh, disclosed the initiative during a courtesy visit to the Minister of Interior, Dr. Olubunmi Tunji-Ojo. He emphasized that the audit is not intended to terminate existing contracts but to enhance their effectiveness for the nation’s benefit. The ICRC will soon issue directives to enforce the insurance of all concessioned assets, as stipulated by law.
Dr. Ewalefoh commended the Interior Ministry for embracing PPPs to meet key infrastructure needs and noted that under Tunji-Ojo’s leadership, over $500 million in PPP investments have been secured. He also reassured investors that President Bola Tinubu’s administration respects contract sanctity, having not canceled any PPP agreements.
The Minister highlighted plans to leverage PPPs to make agencies self-reliant, reducing their dependence on government funding. He stressed the importance of collaboration with the private sector to drive innovation and efficiency in public services.
The Permanent Secretary, Dr. Magdalene Ajani, praised the Minister’s leadership and commitment to PPPs, while the Minister pledged to continue working closely with the ICRC to enhance project outcomes.