FG’s Special Concession Account (SCA) for PPPs nets over N2 billion

The Federal Government has declared that the Special Concession Account (SCA) for Public Private Partnerships has netted with the CBN the sum of N2,400,689,340 so far.

This was disclosed by the Presidency in a social media statement on Thursday.

The FG, citing details from the Infrastructure Concession Regulatory Commission, ICRC, which  regulates Public Private Partnership (PPP) transactions of the Federal Government said:

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“The Special Concession Account (SCA) has become operational and has within a few months of its operation, yielded the sum of N2,400,689,340.00 (Two billion Four Hundred Million Six Hundred and Eighty-Nine Thousand Three Hundred and Forty Naira) which has duly reflected in the Special Concession Account (SCA) with the Central Bank of Nigeria.”

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Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Engr. Chidi Izuwah, said the objective of the SCA among others is to streamline the receipt of all PPP payments in the country for transparency, accountability and probity.

“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 & Agencies (MDAs) and Concessionaires,” Izuwah said.

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What you should know 

• The Office of the Accountant General of the Federation (OAGF) issued a Federal Treasury Circular referenced TRY A12 & B12/2018; OAGF/ CAD/026/V.11/324 dated 7th November, 2018, causing to be opened with the CBN, a Special Concession Account (SCA), 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.
• Nairametrics also reported that a PPP, the Assah North-Ohaji (ANOH) Gas Project Company (AGPC) closed a $260 million debt financing arrangement on Monday this week, achieving complete funding for its $650 million gas processing facility in Imo State, Nigeria.