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The Federal Government, through the Infrastructure Concession Regulatory Commission (ICRC), has announced plans to audit all Public-Private Partnership (PPP) projects across the country to assess their performance.
Additionally, the government will ensure that all PPP assets are insured in accordance with the Infrastructure Concession Regulatory Commission Establishment Act, 2005.
During a courtesy visit to the Minister of Interior, Dr. Olubunmi Tunji-Ojo, ICRC Director General, Dr. Jobson Oseodion Ewalefoh, outlined the commission's plans to optimise PPP agreements and enforce statutory insurance requirements.
"We are already putting in place mechanisms to audit the performance of past PPP agreements. This is not to terminate them but to optimise them in the nation's interest," said Ewalefoh.
Ewalefoh honoured Tunji-Ojo with the PPP Icon award for his contribution to attracting over $500 million in investments through PPPs.
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"In your time as Minister, over $500 million has been invested in your ministry. We cannot thank you enough as a champion of PPP," he added.
The Minister revealed plans to make key agencies in his ministry self-reliant through PPP arrangements, aiming to reduce dependence on government funding.
"We believe that many of our agencies should be off the budget because government resources are limited," Tunji-Ojo stated.
He also highlighted significant PPP-driven initiatives within the Ministry, including the e-gate and the Advanced Passenger Information System.
The audit aims to ensure transparency and compliance as the government seeks to leverage private sector expertise and resources for national development.