By Audrey Lotechukwu
FRI 05 FEB, 2021-theGBJournal- Nigeria’s Infrastructure Concession Regulatory Commission (ICRC) has within a few months of its operation, banked N2,400,689,340.00 with the Central Bank of Nigeria’s (CBN) Special Concession Account (SCA).
The SCA was opened with the CBN in line with Presidential directives to ensure that all revenues from Public Private Partnerships (PPP) go into one dedicated Treasury Single Account (TSA) and to ensure that proper data in terms of investment and revenues coming in from PPPs are properly accounted for.
The Accountant General of the Federation (OAGF) subsequently issued a Federal Treasury Circular referenced TRY, A12 & B12/2018; OAGF/ CAD/026/V.11/324 dated 7th November, 2018, causing the account to be opened with the CBN.
Consequently, the Honourable Minister of Finance, Budget & National Planning issued a Finance Circular (HMFBNP/OHMFBMP/CIRCULAR/SCA/2020) to the MDAs/Concessionaires to remit all monies accruing from PPP agreements (with the exception of proceeds from asset sale and liquidation) into the Special Concession Account domiciled in the Central Bank of Nigeria (CBN) but still under the Treasury Single Account (TSA).
The Director General of the Infrastructure Concession Regulatory Commission (ICRC), Engr. Chidi Izuwah in a statement recently, listed the benefits of the SCA to include effective monitoring of revenue accruing to Government from PPP projects, assisting Government in economic planning, national budgeting and redistribution of income and revenue allocation, supporting the Federal Government Economic Recovery & Growth Plan (ERGP) initiative on infrastructure provision, providing information to policy & decision makers among others.
According to Engr Izuwah, ‘’the objective of the SCA among others is to streamline the receipt of all PPP payments in the country for transparency, accountability and probity.’’
He noted that, presently, the revenue accruing to government via concession and PPP arrangements is not known and this may lead to abuse and leakages by Ministries Departments and Agencies (MDAs) and Concessionaires.
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