The Infrastructure Concession Regulatory Commission (ICRC) says Air Nigeria will begin to convey Nigerians before the end of President Muhammad Buhari’s administration.
Acting Director-General (I-G) of the commission, Mr Michael Ohiani told the News Agency of Nigeria (NAN) in Abuja that the ICRC was now working round the clock to get it operational.
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Ohiani said that ICRC was working closely with the Ministry of Aviation, adding that a new presidential approval had just been given that would advance the process.
The ICRC boss who did not give details of the approvals, assured that the process would be moving to the next stage by the end of February.
“We will get the concessionaire, once we have gotten the concessionaire which is a major step, the issue of operation will now follow.
“I can assure you that before the end of this administration, Air Nigeria will start flying,” he said.
NAN reports that the Federal Executive Council (FEC) in Nov. 2021, gave an approval for the commencement of processes to inaugurate the nation’s air carrier, Air Nigeria.
The Minister of Aviation, Hadi Sirika who at that time briefed newsmen, announced April 2022 as the effective date for the take-off.
Sirika had also said that 49 per cent of the Nigeria Air project would be owned by strategic equity partners, 46 per cent by Nigerians while the Federal Government wound five per cent of the shares.
ICRC implements 173 concessions worth N3.7trn since inception
The Acting Director-General (D-G), Infrastructure Concession Regulatory Commission (ICRC), says the organisation has implemented 173 concessions worth $9 billion dollars (N3.7 trillion) since its inception in 2008.
Ohiani said ICRC has been able to issue 116 Outline Business Case (OBC) certificates and 47 Full Business Case (FBC) certificates approved by the Federal Executive Council (FEC).
He, however, said one of the challenges experienced over the years was the challenge of getting financing for long term projects.
“Our banks are used to short term financing facilities; however, Debt Management Office (DMO) has recently come into the fray by providing infrastructure bonds for most of these long term projects.
“So, if you do not have a long term fund to finance the project, before you even start, you are already going into default.
“In the sense that if you take a short term loan to finance a long term project, you will not be able to recoup the investment and start paying, and there is a tendency for default.
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