Tinubu Authorizes ICRC to Approve PPP Projects Below ₦20 Billion
Tinubu removes Federal Executive Council (FEC) clearance on PPPs below 20 billion naira. Here's why and what you should know.
Tinubu Authorizes ICRC to Approve PPP Projects Below ₦20 Billion
President Bola Tinubu has decentralized approvals for Public-Private Partnership (PPP) projects below N20 billion naira. The decentralization grants Infrastructure Concession Regulatory Commission (ICRC) approval powers for the PPP projects under ₦20bn. This approval automatically removed Federal Executive Council (FEC) clearance, allowing ministries to approve PPP projects under N20 billion, and agencies and parastatals to approve the PPP projects below N10 billion. The policy is for the purpose of speeding up project execution and attract more private sector investments. Quick Hints: A Public-Private Partnership (PPP) is an agreement between a government and a private company to finance, develop, and operate projects that provide public services or infrastructure. In this sense, both parties share responsibilities, risks, and rewards. The private sector often bringing in investment and expertise while the government ensures public interest and regulatory oversight. Why it matters The Pr…
About the author
He is a seasoned journalist with extensive experience in consumer tech, economy, finance, business, money and shopping. Currently chasing a BSc degree in Accounting.
