Cross River Signs PPP Bill 2010 Into Law
San Francisco, August 04, (THEWILL) - Cross River State Government has reemphasized its determination to see to the growth of the private sector by signing the Public Private Partnership (PPP) Bill into law.
The PPP law 2010, according to Governor Liyel Imoke of Cross River State, will drive public private partnership in the state as well as create an enabling environment for transparent process, opportunities for participation and clear regulatory framework for the partnership to develop.
The Law seeks to create the legal and Institutional framework to facilitate and regulate the financing, development, and maintenance by the private sector of otherwise public projects and services.
Imoke disclosed that Cross River is the first state in the country to embark on the process by establishing a legal frame work to guide it and will continue to create an enabling environment with clear understanding of working together with the private sector to develop its economy while expressing his appreciation to the Federal Government for its support in working out the policies of the law.
The Governor also lauded other individuals who played significant roles to ensure the realization of the law as well as the support of the State House of Assembly, which according to him was not unusual, adding that with the signing of the bill into law, all parties involved will understand its content and the part they have to play.
Imoke declared the immediate commencement of the law as it provides the instrument needed for a legal frame work and he called on all Ministries, Departments and Agencies (MDAS) to study it in detail as well as set up PPP units in their offices because all PPP projects will be executed in consent with the law which is very critical, stating that more PPP contracts will be seen in the state in the 2011 financial year.
"This will go a long way to relieve the pressure on our Capital Budget and addressing the resource gap that has always been a burden to us. We are on the verge of a fast tracking of our growth and development in Cross River State," Imoke stated.
Mr. Fidelis Ugbo, Secretary to the State Government, in an introductory remark, said the PPP law will see to the growth of the private sector in the state through a legal and constitutional framework after being sent to the State House of Assembly for legislative procedure.
Ugbo, who described the signing of the bill into law as a major development, stated that it gives the right signal to the private sector in the state and beyond that Cross River is ready to promote and help the private sector grow.
The law recommends for the set up of the Cross River State Public Private Partnership Council which will be responsible for recommending policy in respect of public private partnerships to the State Executive Council, review and forward public private partnership project proposals to the State Executive Council in accordance with this law and designate unsolicited project proposals as PPP proposal to be undertaken in accordance with this law, among others.