Friday, November 22, 2024
32.3 C
Lagos

Infrastructure Commission Unveils PPP Contracts Disclosure Portal

In line with the federal government’s drive to ensure transparency in the public-private partnership (PPP) model it is deploying to finance critical infrastructure projects, the Infrastructure Concession Regulatory Commission (ICRC) at the weekend launched the first of its kind contract disclosure portal.

The acting Director-General of the ICRC, Engr. Chidi Izuwah, in a presentation at the event in Abuja, revealed that the World Bank and ICRC developed the dedicated web portal for the disclosure of all PPP contracts information by the government.

He said the portal would ensure timely disclosure of contract information from project initiation through to the implementation and hand-back phase of PPP projects to the government.

According to Izuwah, the disclosure exercise supports President Mohammadu Buhari’s effort of institutionalising transparency and accountability in the procurement of PPP projects in Nigeria.

He further pointed out that the onus for information generation and uploading on the web-based platform would be shared by ICRC, the contracting authority, and the private party to the contract.

“Information will be uploaded by the contracting authority and ICRC after redacting confidential information.

“The contracting authority will upload all information and documents in the web-based platform, so as to leave at least seven days within the given timelines for ICRC to validate and approve the information for public disclosure.

“The web portal will be dynamic in nature. More information is made available as the various projects progress. It will be a respiratory of information of current happenings and events regarding PPPs in Nigeria,” he explained.

Furthermore, the ICRC boss said the portal’s framework clearly shows the various elements for disclosure depending on the stage the project is in.

“However, the information provided is limited to the project title and type, government agency responsible, name of the private concessionaire (where selected), and duration of the concession for the projects.

“In recognition of this limitation the Commission Partnered with the World Bank to ensure adequate disclosure of PPP contract Information.

“The Commission in collaboration with the World Bank consulted with MDAs, Concessionaires, Financiers, Civil Society Organisations and relevant stakeholders towards the actualisation of this exercise,”Izuwah added.

spot_img
spot_img
spot_img

Hot this week

NNPC’s Utapate Crude Grade Hits Global Oil Market, OML 13 Eyes 80,000 bpd by 2025

Managing Director, NNPC E & P Limited (NEPL), Mr....

UNIDO, ILO, Others to Headline 5th Lagos Waste Forum

Top government officials, Coca-Cola, the United Nations Industrial Development...

Polaris Bank Champions Financial Literacy for Students in Commemoration of World Savings Day 2024

Polaris Bank concluded its nationwide financial literacy initiative with...

WAICA: Heirs Insurance Sector Head Seeks AI Innovation to Drive Insurance Growth

L-R Niyi Onifade, Sector Head, Heirs Insurance Group and...

Topics

Dettol Unveils Handwashing “Letter for Life” Campaign

According to the World Health Organization, Diarrhoea disease is the...

Stanbic IBTC Pension Attributes Stable Outlook Rating to Commitment to Excellence

  Stanbic IBTC Pension Managers Limited, a subsidiary of Stanbic...

Heritage Bank CEO: ‘SMEs Need Digital Identity to Access Credit’

The Nigerian government must resolve the identity management system...

Digital Encode Drums Support for eBusinesslife 5G Forum on Nov 5

Leading Consulting and technology integration firm, Digital Encode Limited...

IEA Report: ‘Golden Rules’ Needed to Usher in Golden Age of Gas

Exploiting the world’s vast resources of unconventional natural gas...

‘INSURANCE FIRST Model Will Deliver 5-Point Agenda’

Mr. Tope Smart, the new chairman, Nigerian Insurers Association...

Domestic Bourse Sustains Positive Streak… ASI Up 14bps

The equities market maintained a positive performance at the close...

Equities Market Extend Losses To Third Consecutive Session… NSE ASI Down 2.7%

The negative trend in the equities market was extended...
spot_img

Related Articles

Popular Categories

spot_imgspot_img