Vice President Yemi Osinbajo has said three trillion dollars is needed to bridge the infrastructural deficit in Nigeria over the next 30 years.
Osinbajos spokesman, Laolu Akande, in a statement issued on Thursday in Abuja, quoted the Vice President as saying these while featuring at a webinar organised by the Bureau of Public Enterprises (BPE).
He said that adopting new models of investments for infrastructural development in the country was imperative as reliance on public expenditure alone was no longer sufficient to meet the needs.
The Forum was convened to discuss measures to deepen Nigerian infrastructure stock through Public-Private-Partnership (PPP). Osinbajo said that in spite of governments interventions over the years, Nigeria still faces a huge infrastructural deficit which is constraining rapid economic growth.
Osinbajo said that the Federal Government would have to spend the entire revised 2020 appropriation of N10.81 trillion continuously for the next 108 years or more on capital expenditure (CAPEX) to meet that target.
According to him, Nigeria using PPP frameworks will benefit immensely from huge local and foreign private sector resources.
He said that the Federal Government was leveraging on the partnership with the private sector to bridge the huge infrastructure gap adding that the Infrastructure Concession Regulatory Commission (ICRC) would continue to act as the regulatory agency for PPP transactions with powers to inspect, supervise and monitor projects and processes in order to ensure compliance with relevant laws, policies and regulations.
