ICRC Discloses That Asset Concession Will Generate N185.2bn Revenue In 2023

Concessions of various assets will generate revenue N185.2bn to the treasury account of the Federal Government in 2023, according to the Director-General of the Infrastructure Concession Regulatory Commission, Michael Ohiani.

This was disclosed by the DG in the commissions’ second quarter bulletin obtained by a correspondent on Friday.

He noted that the projects which would inject billions of dollars in private sector investment to the tune of N10.8tn, would help in bridging the nation’s infrastructure deficit.

Part of the bulletin reads, “These approvals in the second quarter of 2023, brought to 103 the total number of PPP projects that had been approved by FEC since the inception of the commission. The PPP projects will see the investment of N10.8tn ($23bn) in private sector funds to develop infrastructure in Nigeria. These investments also translate to a revenue expectation of N185.2bn to the Federal Government of Nigeria in 2023 alone."

It was further disclosed that the commission issued 27 compliance certificates to various ministries agencies and departments in the second quarter of 2023 as part of the government effort to bridge the infrastructure gap.

In a breakdown, it was revealed that four outline business cases and 24 full business cases compliance certificates were allotted to prospective private investors for the promotion of public and private partnerships.