The Infrastructure Concession Regulatory Commission (ICRC) says it will henceforth issue Outline Business Case (OBC) Certificate of Compliance and Full Business Case (FBC) Certificate of Compliance within seven days.
This follows a directive from President Bola Tinubu to the commission’s Director General, Dr Jobson Ewalefoh, ‘to accelerate investment in national infrastructure through innovative mobilisation of private-sector funding.’
In a statement signed by Ifeanyi Nwoko, Acting Head of Media and Publicity, ICRC, in Abuja on Monday, the commission said it had streamlined its approval processes to issue the certificates.
Nwoko said that the move aimed to accelerate the turnaround time for approvals by the commission.
He quoted Ewalefoh as saying, ‘in line with President Tinubu’s charge and the Renewed Hope Agenda, we have updated our approval processes.
‘This process aims to issue either the OBC or FBC to Ministries, Departments and Agencies (MDAs) that meet the requirements within seven days.
‘This
is part of the current administration’s efforts to accelerate infrastructure development, bridge infrastructure gaps, and stimulate the economy through private sector investment in Public-Private Partnership (PPP) initiatives.’
He said by streamlining its processes, the commission was not compromising its stringent approval steps or key requirements.
‘Therefore, only business cases that are viable, bankable, offer value for money, and meet all other requirements will be approved.
‘The ICRC cannot achieve this alone; I urge all chief executives of MDAs to match our momentum and align with the President’s charge to accelerate infrastructure development.
‘This will ensure that PPP projects are delivered within record time without being stalled.
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‘The commission is ready to partner and collaborate with all MDAs to achieve this.’
Nwoko said the ICRC was established to regulate the Federal Government’s PPP initiatives,
address Nigeria’s physical infrastructure deficit and promote economic development.
The statement said an FBC is a comprehensive document outlining the detailed investment plan, capital and operating costs, benefits, risks framework, and negotiated financials associated with a PPP project.
It is prepared and submitted by the MDA to obtain the Federal Executive Council’s (FEC) approval, as required by Section 2(2) of the ICRC Establishment Act.
‘This formed the basis for secure funding, approvals, or partnerships.
‘In contrast, the OBC is less detailed than the FBC but provides a determination of project viability and bankability, offering a solid foundation for the project’s overall strategy and direction.’
Source: News Agency of Nigeria