The Federal Government, through the Infrastructure Concession Regulatory Commission (ICRC), has commenced a comprehensive audit of all Public-Private Partnership (PPP) projects across Nigeria. This initiative is aimed at assessing the performance of these projects to ensure compliance with statutory requirements, including mandatory insurance coverage for government assets involved in PPPs.
ICRC Director General, Dr. Jobson Ewalefoh, made this announcement during a courtesy visit to the Minister of Interior, Olubunmi Tunji-Ojo, where the minister was honored with a PPP Icon award. The audit will evaluate past PPP agreements, with the goal of optimizing rather than terminating them, ensuring they deliver value to the nation.
“We are already setting up mechanisms to audit the performance of PPP agreements. The focus is on optimizing these agreements for the benefit of the country,” Ewalefoh stated, according to a statement by Ifeanyi Nwoko, Acting Head of Media and Publicity at ICRC.
Ewalefoh also emphasized the legal requirement for all government assets under PPP agreements to be insured, adding that the commission would soon issue a directive to ensure compliance.
In his remarks, Minister Tunji-Ojo commended Dr. Ewalefoh’s appointment as a strategic move towards diversifying the economy and enhancing private sector participation. He also shared plans to leverage PPPs to make key agencies in the Ministry self-reliant, reducing their dependency on government funding.
The audit aligns with the government’s broader strategy to improve infrastructure and boost economic growth through enhanced collaboration with the private sector.
