This is to notify the investing public that the Special Concession Account (SCA) has become operational and has within a few months of its operation, yielded the sum of N2,400,689,340.00 (Two billion Four Hundred Million Six Hundred and Eighty-Nine Thousand Three Hundred and Forty naira) which has duly reflected in the Special Concession Account (SCA) with the Central Bank of Nigeria (CBN).
It may be recalled that in line with Presidential directives to ensure that all revenues from Public Private Partnerships (PPP) go into one dedicated Treasury Single Account (TSA) and to ensure that proper data in terms of investment and revenues coming in from PPPs are properly accounted for, the Office of the Accountant General of the Federation (OAGF) issued a Federal Treasury Circular referenced TRY A12 & B12/2018; OAGF/ CAD/026/V.11/324 dated 7th November, 2018, causing to be opened with the CBN, a Special Concession Account (SCA).
According to the Director General of the Infrastructure Concession Regulatory Commission (ICRC), Engr. Chidi Izuwah, the objective of the SCA among others is to streamline the receipt of all PPP payments in the country for transparency, accountability and probity. Presently, the revenue accruing to government via concession and PPP arrangements is not known and this may lead to abuse and leakages by Ministries Departments & Agencies (MDAs) and Concessionaires.
Continuing, he listed the benefits of the SCA to include effective monitoring of revenue accruing to Government from PPP projects, assisting Government in economic planning, national budgeting and redistribution of income/revenue allocation, supporting the Federal Government Economic Recovery & Growth Plan (ERGP) initiative on infrastructure provision, providing information to policy & decision makers among others.
Consequently, the Honourable Minister of Finance, Budget & National Planning issued a Finance Circular (HMFBNP/OHMFBMP/CIRCULAR/SCA/2020) to the MDAs/Concessionaires to remit all monies accruing from PPP agreements (with the exception of proceeds from asset sale and liquidation) into the Special Concession Account domiciled in the Central Bank of Nigeria (CBN) but still under the Treasury Single Account (TSA).
Acting Head, Media & Publicity