Why FG abandoned PPP arrangements on Second Niger Bridge, Lagos-Ibadan expressway - Fashola

, has said the current administration abandoned the Public Private Partnership on major infrastructure projects, including the Second Niger Bridge, and the Lagos-Ibadan expressway because investors could not secure needed funding from banks.

This disclosure by Mr Fashola is coming in the wake of the planned concessioning of major highways in the country.the government plans to concession the National Arts Theatre, Tafawa Balewa Square, and all the River Basin Development Authorities at N836 million while the National Stadium in Lagos, the Moshood Abiola Stadium, Abuja, and two others were pegged for concessioning at N100 million, to fund 2021 budget deficit.

“Let us take two highways that we offered for PPP. The second Niger bridge was conceived as a PPP. The Lagos-Ibadan expressway was conceived as a PPP. But if we had asked a very basic question at the time – N200 billion plus projects — which bank in Nigeria has ever lent N200 billion to any individual? We asked that question and we knew that it was not the way to go. They might have lent it but inevitably, it was more likely that they would have come back for a sovereign guarantee.

“The first thing I want to ask is that, of all the assets that we have disposed of and the reasons for disposing them or for commercialising them or for privatising them, have we achieved the objective that we set out to achieve? I think we should ask that question,” he said. “But I think that it would be helpful to have an audit of all the assets that have been concessioned or privatised in the name of improved efficiency and then to ask, ‘have we achieved that objective?’ I think if we do that and interrogate very honestly, some of the things that would begin to become obvious to us is that we need to be more circumspect about certain types of assets.

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