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Tag: PPP

  • Ethics, integrity vital in PPP

    Ethics, integrity vital in PPP

    Public-Private Partnerships (PPPs) has been identified as a vital mechanism for bridging the infrastructure and service delivery gap, yet experts emphasised  that their success relies less on financial modeling and more on a fundamental bedrock of ethics.

    Without a strict adherence to transparency and procurement best practices, the experts noted that  such y vehicles designed to deliver innovation and value for money risk  could become liabilities rather than assets.

    It was one of the highlights of the 2025 National Mandatory Continuous Professional Development (MCPD) seminar of the Nigerian Institution of Estate Surveyors and Valuers (NIESV)  held in Lagos.

    At the heart of the discourse is the recognition that corruptly procured PPPs represent a significant failure in governance.

    The MCPD  themed “Infrastructure Concession Regulatory Commission (ICRC) Act: A Strategic Overview of the New Public Private Partnership Framework  (PPP)and Role of Estate Surveyors and Valuers in National Infrastructure Transformation was an avenue for professionals, especially estate Surveyors to showcase  their professional embodiments.

    A Speaker, Dr. Samson Agbator said the country is entering an era where infrastructure will dominate the national development agenda, and professionals must build the capacity needed to participate effectively.

    He noted that PPPs will drive major capital investments, valuation standards will determine financing, and feasibility studies will influence project selection.

    “The ICRC Act 2005 represented a bold step in Nigeria’s infrastructure journey. Opportunities before estate surveyors and valuers are unprecedented. This shift from regulation to realisation is a professional mandate. The estate surveyor and valuer are indispensable; this is our moment to rise, innovate and redefine our relevance,” he said.

    He urged professionals to strengthen technical skills, deepen financial literacy and adopt multi-disciplinary approaches. He highlighted opportunities emerging from the Senate’s recent approval of $22 billion in external loans for key infrastructure, the government’s target of raising infrastructure stock to 70 per cent of GDP by 2043, and the nation’s projected population growth to 400 million by 2050, all of which signal increased activity in the infrastructure sector.        

    Read Also: Tunji-Ojo: Nigeria’s future depends on unity, national renewal

    He also stated that the nation is moving into an era where infrastructure will dominate national development as PPPs will shape major capital investments while valuation standards will influence financing; feasibility studies drive projects and secure investors’ confidence.

    He encouraged his colleagues that it’s a moment to rise, to innovate, to expand, and to redefine our relevance. Let us step boldly into this new frontier and contribute meaningfully to Nigeria’s infrastructure transformation.

    With Nigeria’s infrastructure deficit projected to reach $878 billion by 2040, experts urged real estate professionals to take advantage of emerging opportunities within the PPP framework to help reshape the country’s infrastructure landscape.

    Key provisions of the revised ICRC Act allow Federal Government ministries, departments and agencies (MDAs) to partner with the private sector on viable infrastructure projects, subject to competitive bidding. The ICRC retains custody of PPP agreements, issues guidelines and oversees contract implementation.

    Under the 2025 reforms, projects valued above N20 billion require Federal Executive Council (FEC) approval, while those below the threshold may be approved by the supervising ministry or agency. Projects that involve multiple MDAs automatically require FEC approval to accelerate decision-making and delivery.

    NIESV President, Victor Alonge, said estate surveyors and valuers have a pivotal role to play in realising the objectives of the ICRC Act, particularly as the 2025 Nigerian Insurance Industry Reform Act mandates professional valuations for insurance coverage.

    “As determinants of premiums, reinstatement costs, indemnity values and risk exposure, our expertise is required. To remain ahead of the curve, professionals must keep investing in capacity building,” he said. He also urged practitioners to uphold integrity and maintain public trust.

    He stressed the place of ethics and integrity for professionalism to thrive. He urged the new entrants to shun anything that will dent their track record as professionals.

    Ayo Oladapo, stressed that the ICRC Act and its regulations form a comprehensive federal-level framework for implementing PPPs. He described the law as a critical instrument for mobilising private capital to address the nation’s multibillion-dollar infrastructure deficit.

    He recommended stronger collaboration between the Federal Government, ICRC and state governments to harmonise PPP laws and frameworks. He also urged practitioners to embrace technology, international best practices and specialised skills, including green building valuation and mineral resource valuation.

    Oladapo advised estate surveyors and valuers to utilise special purpose vehicles (SPVs) to provide clearer guidance to government and public-sector institutions on PPP execution.

    Also, Chairman of the National MCPD Committee, Fatima Olowookure, encouraged practitioners to embrace lifelong learning to remain competitive in a rapidly evolving professional environment.

  • Nigeria set to host landmark PPP summit to drive infrastructure transformation

    Nigeria set to host landmark PPP summit to drive infrastructure transformation

    The Infrastructure Concession Regulatory Commission (ICRC) has announced that the Nigeria Public-Private Partnership (PPP) Summit 2025 will hold from June 17–18, 2025, in Abuja, bringing together top government officials, global investors, and key private sector leaders for a high-level engagement on infrastructure transformation through PPPs.

    A statement by the Acting Head, Media and Publicity, Ifeanyi Nwoko noted that the theme of the summit is: “Unlocking Nigeria’s Potential: The Role of Public-Private Partnerships in Delivering the Renewed Hope Agenda”. The two-day event is set to redefine how Nigeria mobilises private capital and expertise to meet its vast infrastructure needs.

    Speaking ahead of the event, Dr. Jobson Oseodion Ewalefoh, Director General of the ICRC, emphasised the significance of the Summit in repositioning Nigeria’s investment narrative: “What makes this Summit different is that it is not just about speeches. We are converging to dismantle bottlenecks, unlock capital, and create impact that Nigerians can see and touch—from power lines to rail tracks, from hospital corridors to broadband cables, transportation, agriculture, education, and tourism.”

    “We believe that PPPs are the bridge between vision and reality, and this gathering marks a critical step in unlocking Nigeria’s infrastructure potential for generations to come.

    “Under the leadership of His Excellency, President Bola Ahmed Tinubu, GCFR, the Renewed Hope Agenda is not just an idea—it is a national mission. The PPP Summit will demonstrate to the world that Nigeria is no longer waiting for change; we are building it, financing it, and delivering it in real time.”

    “Through this Summit, we aim to showcase the investment potential in national infrastructure through a streamlined PPP process and open new channels of investment that deliver real value. It is time to shift from policy to projects, from talks to tangible transformation,” said Dr. Ewalefoh.

    The Summit will be declared open at the State House Banquet Hall with a keynote address by His Excellency, President Bola Ahmed Tinubu, GCFR.

    This will be preceded by a special address by the President of Afrexim Bank, Dr. Benedict Oramah, as well as goodwill messages from the Vice President of the African Development Bank (AfDB), the Regional Director of the International Finance Corporation (IFC) and other distinguished guests.

    Read Also: Nigeria’s democracy a model for West African stability – Tuggar

    Following the opening ceremony, participants can look forward to insights from a lineup of distinguished speakers, from notable institutions including AfDB, IFC, among others.

    Day two will feature intensive panel sessions and technical discussions at the Congress Hall of the Transcorp Hilton. The event will spotlight major infrastructure corridors across transport, energy, housing, and technology, while showcasing successful PPP projects in Nigeria, such as the Lekki Deep Sea Port and select international case studies – the Wind Power Project in Cape Verde and the Senegal-Gambia Bridge in Senegal.

    These examples will provide replicable models for Nigeria’s infrastructure expansion.

    During the programme, key Government officials will sit side-by-side with private investors to co-create solutions in real time, breaking from traditional talk-shop formats.

    The sessions will also feature global investment players from Afreximbank and leading firms such as Africa50, PAC Capital, Norrenberger, Financial Derivatives, AFC, and KPMG. Participants can expect exclusive networking, forward-looking dialogue, and real opportunities to close viable transactions.

  • Ambode seeks PPP to develop Lagos

    The Lagos State Governor, Akinwunmi Ambode has called for more public-private partnership (PPP) to develop the state to the next level.

    He spoke during the inauguration of Greater Lagos IV (GLIV) gas pipeline network and  Elegbata Sports Complex renovated by Axxela Limited (Axxela), sub-Saharan Africa’s fast-growing gas & power portfolio company.

    Greater Lagos IV (GLIV) is Axxela’s gas pipeline network, developed by its Gaslink Nigeria Limited subsidiary in partnership with the Nigerian Gas Marketing Company (NGMC). Spanning from Ijora through Lagos Island’s Marina axis, the $30 million pipeline will supply gas to commercial and industrial off-takers along its route. Already, it has First Power and Island Power as its customers.

    Read also: Lagos screens over 250 intending pilgrims

    Represented by the Lagos Sports Commission Chairman, Dr. Kweku Adedayo Tandoh, the governor lauded Axxela for the initiative and its role in boosting economic development in the state.

    He said: “I would like to thank Axxela for developing this sports facility which indicates its firm commitment to the welfare of its host communities.

  • FG to institute Wreck Insurance Policy soon – MD NPA

    The Nigerian Ports Authority (NPA) says Federal Government will soon institute a Wreck Insurance Policy (WIP) for vessels arriving in Nigerian ports for operational efficiency and navigational safety.

    The NPA Managing Director, Ms Hadiza Usman, made this known in Lagos on Friday while addressing major stakeholders of the nation’s maritime sector at a one-day Quarterly Summit of the Ports Consultative Council (PCC).

    Usman said that the policy would provide avenue for the port management to evacuate abandoned vessels in the entire nation’s territorial water.

    She also said that the Federal Executive Council (FEC) had granted approval for a Private-Public Partnership (PPP) agreement of N72 billion for the ports access roads in Apapa and Tin Can Island.

    On the gridlock on port access roads, she said that only trucks that were housed in the proposed trailer parks would be allowed entry into the port locations soon.

    “The management is to deploy an electronic call-up system that allows access to the ports only when they are needed.

    “The Apapa Wharf road reconstruction project has reached 85 per cent completion.

    Read Also: Apapa Wharf road ready in September – NPA

    “The road will be fully completed in the next four to six weeks period,” Usman said in a statement.

    She said that the efficient utilisation of inland waterways was key to decongestion of ports access road.

    Usman said that a company, ‘Connect-Rail’, which was engaged by the authority to provide barge evacuation, was currently moving cargoes and several tons of containers between Ikorodu and the terminals through the water.

    “The management of NPA was desirous on how it could use the waterways farther even away from Ikorodu to other locations to ease the congestion of Apapa and Tin Can Island axis,” she said.

    Chief Kunle Folarin, the Chairman of the Council, said that the meeting was strategic and an avenue to examine issues relating to the operations of the port industry, especially as it concerned port operators.

    Folarin said that at the end of the meeting, the council always came up with a blue print that would enhance efficient port operations and management.

    He described Usman in three words of Decisive, Resourceful and Engaging.

    Folarin lauded the NPA boss for addressing issues that affected port operations, adding that the issues were germane for efficient port administration.

  • Health minister’s PPP master plan for Niger

    To salvage the troubled health sector, bring in private investors with public interest, Minister of State for Health tells Niger State. JUSTINA ASISHANA reports

    Like other states of the federation, the health sector in Niger State could do with a lot of intervention. Government hospitals are few and far between. Where they exist, they are poorly equipped. Medications are short, as are personnel.

    This often drives ailing residents into the hands of unqualified people performing a myriad of roles, including those of doctors, nurses, pharmacists, even surgeons at huge costs to the patients and the nation. Many have died or maimed as a result of these unorthodox practices.

    What do you do?

    The answer is in PPP or public-private partnership in the health sector.

    That was the message Minister of State for Health Dr Osagie Ehanire delivered to a delegation of the Board of Management of the Federal Medical Centre (FMC) Bida, Niger State on a visit to him in Abuja.

    This will accelerate qualitative healthcare delivery not just to the state residents but to all Nigerians, he told the visitors led by chairman of the board, Is’haq Usman Sarkin Shanun Jere.

    According to him, due to the inability of government to meet all the demands of the health sector, the Federal Government is seeking other stakeholders with the interest of the people.

    The nation’s healthcare system and facilities have been severely criticised for lack of proper staffing, and for lacking adequate equipment such as beddings and Durga for the teeming populace. This has caused a lot of people to patronise private healthcare centres where the fees charged are exorbitant.

    The Minister reasoned that this can be managed if there is PPP arrangement between the government and private investors.

    Ehanire stressed that in this era when the Federal Government is committed to “literarily rebuilding the nation from the ground floor after many years of missed opportunities”, it is difficult for government to still meet all the demands of the health sector, hence the government is encouraging private investors to partner government in providing effective healthcare services  to Nigerians.

    He advised that such proposal must thoroughly be screened by the Board and forwarded to the Federal Ministry of Health for evaluat-ion by the PPP Desk   in the Ministry before final ratification, to avoid the implementation challenges that are associated with some PPP proposals, especially due to the complex nature of healthcare services.

    The Minister commended the Board of Management for its initiative in mobilising community stakeholders towards the development of the Centre’s permanent site observing that the Board’s effort in engaging the stakeholders within and outside the hospital within the short period of its inauguration was the   best step   in creating  the conducive atmosphere  for harmonious relationship that would engender peaceful coexistence and progress in the Centre.

    He stressed that this approach would assist the Federal Ministry of Health   in   diffusing tension and reducing strikes in its hospitals urging other Boards to emulate FMC Bida

    Speaking earlier, the Chairman of the Board, Is’haq Jere assured the Minister that the Board would do its best to justify the confidence reposed in the members by the President, and dedicate itself to the improvement of health services in the Centre.

    He appealed for more financial intervention for the Centre to acquire additional specialised equipment in order to accelerate effective healthcare delivery.

  • Cuba to strengthen economic relations with Nigeria

    Cuba to strengthen economic relations with Nigeria

    Cuban Ambassador to Nigeria, Mr Carlos Saso, said his country would strengthen economic relations with Nigeria to boost trade between both countries.

    Saso said this when he visited Mr Adetokunbo Kayode, the President of Abuja Chamber of Commerce and Industry, on Monday in Abuja.

    Media and Protocol Officer of the chamber, Mr Gena Lubem, said in a statement that the ambassador stressed the need to galvanize resources for more joint economic activities between the countries.

    Read also: Cuba to partner Nigeria in medicine, biotechnology

    He said that Cuba would explore more relations with Nigeria in the health industry, agriculture and sports.

    According to him, Cuba is interested in manufacturing critical vaccines in Nigeria to tackle endemic ailments like Hepatitis B and C, Meningitis, Lassa fever and Diabetes.

    He added that the country was also interested in the establishment of Cuban-Nigerian joint venture hospitals in Abuja.

    Saso expressed interest in developing a strategic relationship with the Abuja Chamber in these areas to improve commercial activities and enhance the balance of trade between the two countries.

    Receiving the envoy, Kayode commended him for demonstrating genuine interest in improving the economic ties between Nigeria and Cuba.

    “This is in line with the strategic plan of the chamber to forge strong ties with the international business community to develop joint ventures and enhance foreign direct investment,” he said.

    He urged the international community to work with Nigeria in all areas of business, especially now that the business environment was getting better.

    “The chamber is also encouraging Public-Private-Partnerships ( PPP ).

    “The government now realises that the Organized Private Sector ( OPS ) and the public sector exist to advance the economy and the general good of the country.

    “The bodies will also advance the renewed and on-going efforts at ease of doing business programme which is improving the business environment in Nigeria,” Kayode said.

    NAN

  • NNPC mulls PPP for gas pipelines

    NNPC mulls PPP for gas pipelines

    The Group Managing Director of the Nigerian National Petroleum Corporation (NNC), Dr. Maikanti Baru, has urged the new Board of one of its downstream subsidiary companies, the Nigerian Pipeline Storage Company (NPSC), to partner with the private sector to build more pipelines parallel to the corporation’s existing ones.

    Baru who gave this charge while inaugurating the new Board of the company at the NNPC Towers, yesterday, in Abuja, said such partnership would enhance NPSC’s profitability.

    He said: “Your work also is to look at refurbishing these pipelines and storage along a Public Private Partnership (PPP) arrangement by getting willing private companies to invest in these pipelines. NNPC Management is very much disposed to supporting your efforts in this regard,” the GMD stated.

    Baru further urged the company to double its pipeline network in the next 10 years, stressing that such a target was “absolutely necessary.”

    The GMD described pipelines as arteries of the nation’s Oil and Gas industry, adding that part of the reform process embarked upon by the Corporation under his watch was to birth an NPSC that has a clear focus which sees pipeline storage and distribution as real business.

    “I have a passion for this company and I believe this firm will be a leader in that segment of our operations. That is why we focused our energy on refurbishing, repairing and re-streaming of our storage facilities and pipelines over the last few months,” Baru noted.

    He charged them to also integrate, through their pipelines resources, the various butanisation depots which are used as reception points for Liquefied Petroleum Gas (LPG).

    “We have a lot of LPG that is being exported. This could be utilized domestically in line with our vision of providing alternative energy sources for domestic and industrial use nationwide,” he stressed.

    Baru tasked the NPSC management to engage the various host state governments towards the restoration of the Products Right of Way (PRoW) to ensure the safety of the citizens and products.

    He added that most of the state governments were ever-willing to support the corporation in preventing infringements on its PRoW.

    He expressed NNPC Management’s readiness to engage security agencies against any act of economic sabotage towards the pipelines.

    Responding, the Chairman of the NPSC Board and Chief Operating Officer, Corporate Services, NNPC, Mr. Isa Inuwa, pledged the readiness of the Board to support the NPSC management towards achieving its set targets.

    “It is our vision to transit NPSC to a market-phasing, competitive and profit-making organisation. We are committed as a Board to deliver on this mandate,” Inuwa stated.

    Also speaking, the Managing Director of the company, Luke Anele, an engineer, thanked the NNPC management, saying that although the task before his team was huge, it would nonetheless leave up to expectations.

    Aside Inuwa, the new Board also has Engr. Henry Ikem-Obi, Engr. Luke Anele, Mr. Umar Ajiya, Mr. Ahmadu Sambo, Mr. Abdullahi Gunda, Mr. Ahmed Danladi, Mrs. Betty A. Ugonna and Mr. Victor Omoluabi as members.

     

  • World Bank rates Nigeria PPP high

    World Bank rates Nigeria PPP high

    Nigeria is one of the top four leading voices in Public Private Partnerships (PPP) in the 2017 ranking of the World Bank Group (WBG).

    Communications Officer for Infrastructure, PPPs and Guarantees Group of the WBG Ms Yelena Osipova-Stocker, stated this yesterday.

    She described 2017 as a busy year in the world of infrastructure and public-private partnerships at the World Bank Group:

    Yelena said Nigeria’s Infrastructure Concession Regulatory Commission (ICRC) came top four in the Leading voices in the field category .

    She said Nigeria was recognised for being the first country to launch the PPP Contracts Disclosure Web Portal.

    Acting Director-General, ICRC, Mr Chidi Izuwah, said the portal had improved investor confidence in the country.

    He said within the first 100 days of President Muhammadu Buhari’s

    administration, he stressed his commitment to attracting the private capital and expertise needed to address Nigeria’s infrastructure deficit.

    He said the president’s commitment led to a renewed engagement between the World Bank Group and Nigeria to enhance the attractiveness of PPP in the country.

    Izuwah said the portal helped to fulfill President Buhari’s goals

    of fostering transparency and accountability in PPPs, to attract

    the much-needed foreign capital and expertise.

    He said this would help scale up Nigeria’s infrastructure development through PPPs and promote sustainable growth and development.

    “One major PPP transparency initiative is the study conducted by the World Bank Group’s PPP team between September 2016 and April 2017, using the Framework for Disclosure in PPPs.

    ” The team came up with a PPP Disclosure Diagnostic Report for Nigeria that examined the political, legal and institutional environment for disclosure of PPPs,” he said.

    Izuwah said that the report made specific recommendations to improve disclosure in Nigeria by creating an enhanced framework for the scheme, applicable to all Federal Government PPP contracts.

    On Sept. 22, 2017, Vice President Yemi Osinbajo launched the portal, sponsored by the World Bank and the ICRC.

    The portal encourages proactive disclosure of contract agreement between the government and its contractors on PPP projects.

    It was expected to provide information to citizens and relevant stakeholders such as contract title, supervising government agency, name of private concessionaire, contract sum and regular progress report on projects.

    It is part of measures introduced by the present administration to ensure greater transparency and openness in all areas of governance in Nigeria.

  • ‘PPP, education will unlock Nigeria’s potential’

    For Nigeria to compete in the 21st Century global economy there is the need for advanced skills development strategies and policies that are strong enough to adjust to changes in the economic landscape and the associated demands for skills.

    There is also the need for public-private partnership to enhance the quality of education and ensure that education system- from traditional structures, to vocational and new approaches, are producing the necessary skills for the country’s current needs while anticipating its skills needs in the future.

    These are key highlights of a new report by General Electric (GE) Nigeria titled: “The Future of Work in Nigeria; Bridging the Skills Gap: The Key to Unlocking Nigeria’s Inherent Potential.”

    The report highlighted skills requirements in critical sectors of the economy and formed part of GE’s global ‘The Future of Work’ series to highlight the need for investment in sustainable skills development. It recommended holistic private-public partnership to address the skills gaps and underscore the links between relevant skills set and industrialisation.

    GE commissioned a survey of four key industries namely: oil & gas, transportation, healthcare and power for insight from their key leaders, including Chief Executive Officers (CEOs), Human Resources (HR) and operations directors on the impact of skills shortage on businesses, as well as the ways to them.

    President and CEO of GE Nigeria, Mr. Lazarus Angbazo, said the GE was committed to building a world that works better. “We are committed to building skills to meet critical needs and fill skills gaps domestically and globally,” he said.

    He said the aim was to achieve success by building collaboration, increasing employability, and engaging the public sector and business community. “We understand that there is no one-size-fits-all approach to skills development. Indeed, it varies across countries and sectors,” he said.

    Angbazo, however, said what is constant is the need for both the public and private sector to come together to ensure that the education system- from traditional structures, to vocational and new approaches are producing the necessary skills for the country’s current needs while anticipating its skills needs in the future.

  • FG needs $36bn to fix rail lines in Nigeria- Amaechi

    FG needs $36bn to fix rail lines in Nigeria- Amaechi

    As Senate drills Adeosun, Amaechi over $5.5 billion loan request

    The Federal Government yesterday said that the sum of $36 billion is required to complete its rail projects in parts of the country.

    The Transportation Minister, Chibuike Amaechi, stated this when he appeared before the Senate Committee on Local and Foreign Debts to defend the $5.5 billion loan request of President Muhammadu Buhari.

     Apart from Amaechi, Finance Minister, Mrs. Kemi Adeosun, Minister of State for Aviation, Hadi Serika, were also questioned over the desirability of the controversial loan.

    Amaechi who listed various rail projects in parts of the country including Lagos to Kano, Costal rail line, Kano to Kaduna, Lagos to Calabar, Port Harcourt to Warri, Onitsha, Aba, noted that if the total cost is summed up, would amount to about $36 billion.

    Amaechi said, “If you put it all together, the total cost of the entire rail projects will amount to about $36billion. Actually we don’t have the money. But it’s an ambitious plan. We really have to start something somewhere and see how far we go”

     He added, “On the issue of borrowing, I have not seen any country in the world where real construction is done by Public Private Partnership (PPP).

    “The reason is that it has long term benefit. It completely takes away freight activities and put them on the track and reduce the impact on the road.

    “We have something that is going to happen between now and December. We have almost concluded arrangements with General Electric to take over the narrow gauge.

    “And after the assessment by GE, the narrow gauge cannot take up to 17 locomotives. Before December, they will bring in between four and six locomotives with 100 wagons. We are also making arrangements to bring in coaches so that we can convey passengers from Lagos to Kano so that our economic activities will improve.”

    The minister said that President Buhari had directed that the rail line projects be extended to cover all 36 State Capitals.

    He told the committee that part of the $5.5 billion loan would be used to fund the Itakpe to Warri, Kano to Kadun and Port Harcourt to Calabar portion of the rail projects.

    President Buhari had said in a letter to the National Assembly asking for the approval for the $5.5 billion loan that $2.5 billion was being borrowed to fund the Mambilla Hydropower Project, Construction of a Second Runway at the Nnamdi Azikiwe international Airport, counterpart funding for Rail Projects and the Construction of the Bode-Bonny Road, with a Bridge across the Opobo Channel”

    Chairman of the committee, Senator Shehu Sani raised issues which he wanted the government functionaries to address to enable his committee advise the Senate properly.

    Sani said, “Some of the questions Nigerians and indeed our constituents have asked repeatedly include: What has the Federal Government done with the reported recovered loot allegedly traced to the previous administration? What role can such recovered monies play in the 2017 budget financing? How much indeed has been recovered? Has the National Assembly appropriated the recovered loot for government expenditure?

    The Kaduna Central lawmaker insisted that all actions and decisions with respect to the loan request by his Committee and indeed this Senate will responsibly be done only on its merits.

    He said, “l will advise therefore, that as representatives of Mr. President, you put your best foot forward and be as convincing as possible with facts and figures for the Senate to fully have your back, with respect to these requests.

    “It has become clear that if Nigeria must borrow, we must borrow responsibly, we cannot afford to mortgage the future of our unborn generation; if we must bequeath to the future generation a pile debt, it must be justified with commensurate infrastructural proof of the value of the debt.”

    The committee chairman said “the payment plan of this debt will undoubtedly last the length of our lifetimes and possibly beyond. We must live behind a legacy that will appease and answer the questions the next generation of Nigerians will ask.

    “We must not allow our children and grand children be enslaved with chains of debts. Eurobond must not be another bondage to Europe.”

    Mrs. Adeosun on her part said that $2.5 billion of the loan request was already approved in the 2017 budget

    She said that the $2.5 billion was specifically to finance projects in parts of the country.

    She said that the duration of the loan could be anything from five to 30 years which would be determined when they get to the market.

    Represented by the Director-General of the Debt Management Office, Patience Oniha, the minister also said that the $3 billion is to upset local debts.

    She insisted that it is not healthy for the country to have such huge local debt hanging over the country.

    She said, “Borrowing at 7% interest rate in the international market is cheaper than borrowing at 17% or 18% interest rate in the local market.”

    “It is not the first time government is borrowing long term. It was done in the 60s. Hospitals, schools, roads have long term effect. They don’t go away. We are not postponing any payment. What happens is that  when they mature, we roll them over. It is not a case of default

    The government functionaries said that the $5.5 billion loan request has nothing to do with the virement request of the Federal Government.

    The committee members who wondered why the government could not resort to local resources in servicing the local loans, said that Nigerians must be told told how the projects the loans were to being sought for would assist in servicing and paying back the debts.

    On the Abuja Airport project, minister of state for aviation Hadi Serika, said he did not know the cost of the second Abuja runway which part of the $2.5 billion.

    The minister said that the cost has not been determined.