Monday, 30 January 2023 06:03

FG generates N1.3tn, $4bn from concessioned assets

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A total of 54 public assets have been concessioned under the government of President Muhammadu Buhari.

The assets approved by the Federal Executive Council and franchised to private investors generated total revenue of N1.318trn and $4.072bn in six years.

The concessioned assets are expected to be managed by private companies for a period of five to 55 years. The public-private partnership model was an initiative by the current government to renovate and maintain public acquisitions.

A year-by-year breakdown according to the Infrastructure Concession Regulatory Commission showed that in 2017 a total of N1bn was generated. This was after a two-year break in which the Federal Executive Council did not consider any request.

But in 2018, 2019, and 2020, N43.4bn, N16.6bn, and N4.74bn were generated as revenue respectively.

The franchise yielded N3.86bn and N48bn in 2021 and 2022, while, $13m, $4.2m, $2.8bn, and $3.2bn were paid to government coffers in the period under review.

Some of the projects include the development of Bonny deep sea port, the establishment of military and paramilitary clothing and accessories factory at DICON, Kaduna State, 614km AKK Trans-Nigeria Gas Pipeline, redevelopment of the Nigerian Police DIG Quarters at Maitama District, Abuja, development of Bonny Deep Sea Port and development of a deep sea port in Badagry, Lagos, among others.