The House of Representatives in Nigeria yesterday revealed that the country has lost over $5.7 billion to unfavorable and non-transparent Public-Private Projects (PPP) and property concession deals in the last few years.
The lower chamber of the legislative arm of Government also revealed that Nigeria is losing over $90 million to the Build Operate and Transfer (BoT) deal between aviation agencies and private investors.
The lawmakers made the revelations at an inaugural meeting of the Adhoc Committee to Investigate the Governing Lease of Federal Government-Owned Assets, chaired by Hon. Daniel Asuquo.
Read Also: FG Approved Projects Worth $8bn Under PPP In 8 Years
Speaking at the meeting, Asuquo said it has been discovered over time that the realisation of the federal government’s objective, may become a tall order if appropriate checks and balances are not put in place by way of oversight.
He made reference to the Murtala Muhammed Domestic Airport Terminal 2 situated in Lagos and its ancillary facilities which were developed under a BOT agreement, saying that the federal government is losing over $90.5 million annually due to the shoddy agreements between the Federal Airports Authority of Nigeria (FAAN) and its concessionaire at both local and international wings of the airport.
AFRICA TODAY NEWS, NEW YORK