Chief Ernest Shonekan, the Chairman, Infrastructure Concession Regulatory Commission (ICRC), on Tuesday called for the setting up of Infrastructure Investment Programme to address the nation’s infrastructure deficiency. Shonekan made the call after presenting the 2011 Annual Report and Audited Financial Statement of the Commission to President Goodluck Jonathan at the Presidential Villa, Abuja.
He told State House Correspondents that the challenges confronting the commission in the realisation of its goals to include inability to mobilise long term funding for project development. He added that the inability to commit Ministries, Departments and Agencies (MDAs) to a stable and coherent pipeline of Private Public Partnership (PPP) and poor project preparation by MDAs.
Shonekan said that between 2010n to 2012 the board focused on harnessing the commission’s regulatory role. He said it capped its achievements with winning Africa’s Investor Award in South Africa as well as the 2010 Public Private Partnership Award of the Commonwealth Business Council. Presenting the commission’s 2011 report, Shonekan said that the commission received about N1.1 billion and spent N1.016 billion. ``The sum of N325,811,000 was brought forward from 2010 financial year and the balance in the capital vote of N8.5 million was moved forward to 2012.’’