Nigeria Lost $5.7bn to Shoddy Concessions, Says House

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By Udora Orizu

The House of Representatives yesterday disclosed that the country has lost over $5.7 billion to unfavourable and non-transparent Public-Private Projects (PPP) and property concession deals in the last few years.

The lower chamber also revealed that the government is losing over $90 million to the Build Operate and Transfer (BoT) deal between aviation agencies and private investors.

The lawmakers made the disclosures at an inaugural meeting of the Adhoc Committee to Investigate the Governing Lease of Federal Government-Owned Assets, chaired by Hon. Daniel Asuquo.

Speaking at the meeting, Asuquo said it has been discovered overtime that the realisation of the federal government’s objective, may become a tall order if appropriate checks and balances are not put in place by way of oversight.

He made reference to the Murtala Muhammed Domestic Airport Terminal 2 situated in Lagos and its ancillary facilities which were developed under a BOT agreement, saying that the federal government is losing over $90.5 million annually due to the shoddy agreements between the Federal Airports Authority of Nigeria (FAAN) and its concessionaire at both local and international wings of the airport.