Senate seeks legal backing for InfraCorp

Nigerian Senate on Tuesday re-emphasised the need for a consolidated, effective, economic and regulatory approach to address the infrastructure crisis in the country’s transportation system.

It also insists that necessary steps must be taken to establish relevant legislation and policies that will promote a more effective and efficient infrastructural development ecosystem in Nigeria.

These, the Senate believes will help to facilitate smooth operation and actualization of the mandate given to the newly established Infrastructure Corporation of Nigeria Limited (InfraCorp).

In a four-point resolution reached after considering a motion sponsored by Senator Gershom Bassey, Senate seeks a review of the existing laws regulating the financing, administration and management of the infrastructural development sector, to articulate an effective structure that secures sustained sources of funding while creating enabling environment for private participation.

Senate also wants clarifications from the CBN Governor, CEO of the Nigerian Sovereign Investment Authority, and four cabinet Ministers, on the proposed legal and economic framework for the establishment of InfraCorp.

The Ministers are those of Justice, Transportation, Works and Housing, as well as Finance, Budget and National Planning.

According to the resolution, there must be proper identification and repeal of archaic legislation and policies that are not in line with international best practices, and impede on the establishment of a seamless framework for infrastructural development.

The Senate committee on Legislative Compliance and National Planning has been mandated to execute this assignment which will see six top government officials addressing the Lawmakers on the InfraCorp.