Infrastructure Concession Regulatory Commission (ICRC) Act Yet to be Reviewed by House of Representatives

Since the House of Representatives announced its plan to review the Infrastructure Concession Regulatory Commission (ICRC) Act, there have been no significant processes on it. The planned action by the federal legislators is one of the HoR interventions on the economy in its revised legislative agenda.

In 2005, the Infrastructure Concession Regulatory Commission Act (ICRCA) was signed into law while the Infrastructure Concession Regulatory Commission (ICRC) was established in 2008 with the sole aim of aiding the Federal Government’s drive towards the Public-Private Partnership model to fund much-needed infrastructural projects in the country.

Promise: Initiate a review of the Infrastructure Concession Regulatory Commission (ICRC) Act to attract more funding for large-scale public works in the face of dwindling revenue as a result of the COVID-19 pandemic outbreak.

Over the years, there have been concerns over the irregular termination concession agreements by government officials after funds have been allotted for the project by private firms. With the country facing a huge economic downturn due to the global pandemic, there’s a need to improve infrastructural development in the country. However, one of the threats posed by the pandemic is the lack of funds and investments in public works from organizations both locally and internationally. Hence, the need for an updated ICRCA in the country.

In November 2021, Nigeria’s President, Muhammad Buhari while addressing some world leaders at a high-level side event that was focused on global infrastructure during COP26 said the country needed $1.5 trillion over ten years to bridge its infrastructure gap. With the wide infrastructural deficit in the country, excessive government interference, and politics has affected the public-private partnerships that are aimed at providing funds to large-scale public works. Similarly, the Infrastructure Corporation of Nigeria (Infraco), a company that was set up by the government in partnership with private companies announced that Nigeria needs 36 trillion naira annually to close its infrastructure in its 2022 Outlook.

Currently, there is a bill seeking to review the Infrastructure Concession Regulatory Commission (ICRC) Act by enacting the Public-Private Partnership Regulatory Commission Act 2022 before the Senate, a move which has been met with stiff resistance by the Bureau of Public Procurement (BPE). On March 3, 2021, the House of Representatives initiated the review of the ICRCA with the first reading of the Public-Private Partnership Bill, 2021. The bill was the first real attempt by the house of representatives to repeal the ICRCA 2005 develop a new Act that will guide ICRC work in the country.

With the HoR plan to achieve this within a short period and its inability to achieve this before its set deadline, we rate this promise Broken.  

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