- As ICRC terminates payment of OBC, FBC certification fees
The Infrastructure Concession Regulatory Commission (ICRC) Thursday announced its termination of the Outline Business Case (OBC) and Full Business Case (FBC) compliance certification fees.
This became effective since October 19th, 2017.
The ICRC explained in a statement by its acting Director General, Mr. Chidi Izuwah that the decision to discontinue with the respective fees was as a result of feedback from stakeholders and potential investors with respect to the cost and procedure of Public Private Partnership (PPP) project preparation.
This, according to Izuwah, was also aimed at giving additional push to governmentâ€™s move to improve Ease of Doing Business in the country.
He explained: â€œFollowing feedback from stakeholders and potential investors with respect to the cost and procedure of Public Private Partnership (PPP) project preparation and in a bid to give additional push to the Ease of Doing Business in Nigeria, policy of the current administration, the ICRC initiated steps aimed at mitigating the bottlenecks that impede the successful conclusion of PPP projects.
â€œConsequently, the Commission is pleased to inform all PPP stakeholders especially Ministries, Departments and Agencies (MDAs) of the federal government that full approval has been received from the office of the acting Secretary to the Government of the Federation to discontinue the OBC and FBC compliance certification fees with effect from 19th October 2017.
â€œRemoval of the OBC and FBC fees is meant to ease doing business with respect to PPP procurement by MDAs in line with the change agenda of President Muhammadu Buhari, GCFR.
â€œIt is hoped that this will provide the needed impetus to MDAs and other key stakeholders in the development and deployment of an avalanche of PPP projects.â€