Fed Govt seeks alternative means of financing capital projects

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The Federal Government on Wednesday canvassed alternative and cost-effective means of raising funds to finance infrastructure to meet the developmental needs of Nigerians.

The Minister of Interior, Ogbeni Rauf Aregbesola, said this became necessary as the nation needed rapid development and progress.

He said the Infrastructure Concession Regulatory Commission (ICRC) is central to the desire of the Muhammadu Buhari administration to move the country to the Next Level of socio-economic growth and development.

Aregbesola spoke in his Abuja office while hosting a delegation from ICRC, led by its Director-General, Chidi Izumah.

The minister noted that providing internal security is capital-intensive, adding that there is urgent need for agencies of government to explore alternative means of financing internal security services for projects delivery.

“Your agency will be held accountable by history, if you fail to look for alternative financing now,” he said.

Aregbesola hailed the leadership of ICRC for its commitment to effective service.

The minister said more hands must be on deck to support the Buhari administration to put a smile on the faces of millions of Nigerians.

He added that the use of Public Private Partnership (PPP) is cost-intensive and not enough to give hope to Nigerians.

According to him, it encourages a private sector-driven economy where government plays a supervisory role.

Aregbesola expressed optimism that the ministry’s plan to transform the custodial facilities of the Nigerian Correctional Service Centres to Enterprise Centres would further boost the economic drive of the Federal Government.

Izumah said his team was visiting the minister to renew the agency’s collaboration with the ministry and its agencies.

He said this would move the country to the Next Level of socio-economic development in line with the policy thrust of President Buhari administration.

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