President Bola Tinubu has approved a new policy authorising the Infrastructure Concession Regulatory Commission (ICRC) to independently approve Public-Private Partnership (PPP) projects below ₦20 billion.
A statement by the ICRC Director-General, Dr. Jobson Ewalefoh, released by the Acting Head of Media, Ifeanyi Nwoko, on Sunday, said the change eliminates bureaucratic delays that characterised approval of small and mid-scale projects by MDAs. The statement was also confirmed by the Presidency on Sunday.
Under the directive, ministries can now approve PPPs under ₦20b, while agencies and parastatals can handle those below ₦10b.
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.
“Dr Jobson Ewalefoh, Director-General ICRC, disclosed this in a statement by Ifeanyi Nwoko, Acting Head, Media and Publicity, ICRC on Sunday in Abuja. Ewalefoh said that the process would involve approving PPP thresholds for Ministries, Departments, and Agencies (MDAs), which will help accelerate Nigeria’s infrastructure revolution,” the NAN report read in part.
It further quoted Ewalefoh as saying, “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.
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.
