Tinubu Empowers ICRC to Approve Public-Private Projects Below N20bn

By Adedapo Adesanya

President Bola Tinubu has approved a new policy authorising the Infrastructure Concession Regulatory Commission (ICRC) to independently approve Public-Private Partnership (PPP) projects below N20 billion.

According to the ICRC Director-General, Mr Jobson Ewalefoh, in a statement released by the Acting Head of Media, Mr Ifeanyi Nwoko, the change eliminates bureaucratic delays that characterised approval of small and mid-scale projects by MDAs.

Under the directive, ministries can now approve PPPs under N20 billion, while agencies and parastatals can handle those below N10 billion.

The policy is designed to fast-track project delivery and attract more private investment into infrastructure.

“President Bola Tinubu has empowered the Infrastructure Concession Regulatory Commission (ICRC) to implement a more efficient and better streamlined Public-Private Partnership (PPP) project delivery process.

Mr Ewalefoh said that the process would involve approving PPP thresholds for Ministries, Departments, and Agencies (MDAs), which will help accelerate Nigeria’s infrastructure revolution.

“It allows MDAs to approve projects below specified thresholds under the ICRC guideline, thereby supporting all scales of projects and encouraging broader private sector investment in PPPs.

“The President noted that PPPs would be pivotal in driving transformative development across the country. Under the new directive, PPP projects valued below N10 billion for parastatals/agencies and N20 billion for ministries will now be approved by respective Project Approval Boards (PABs).”

The new framework enables the creation of Project Approval Boards (PABs), under ICRC guidelines, to vet and approve eligible projects, Dr. Ewalefoh explained.

He, however, said projects that exceed the set thresholds involving multiple ministries will still require Federal Executive Council (FEC) approval.

All PPP projects must be fully privately funded, with no financial guarantees or commitments from the federal treasury. Regardless of value, each project must be reviewed and certified by the ICRC before receiving final approval from any MDA or PAB, he noted.

Mr Ewalefoh described the policy as a game-changer for critical sectors such as health, education, agriculture, and housing, where smaller but impactful projects can now proceed without prolonged delays. These include rural diagnostic centres, classroom blocks, student hostels, and affordable housing schemes.

According to him, the policy aligns with President Tinubu’s broader public procurement reforms aimed at improving efficiency, transparency, and private sector investment in infrastructure.

The ICRC, he said, will continue working with key institutions like the Bureau of Public Procurement (BPP), the Ministry of Finance Incorporated (MOFI), and the Bureau of Public Enterprises (BPE) to ensure compliance and coordination.