In order to efficiently maintain digital databases of birth and death registrations, the federal government has approved the creation of an Electronic Civil Registration and Vital Statistics System (eCRVS). The Infrastructure Concession Regulatory Commission (ICRC) acting head of media and publicity, Mr. Ifeanyi Nwoko, released the statement in Abuja. According to the commission, the project grantor will be the National Population Commission, while the contractor, Messrs. Barnksforte Technologies, will contribute N5.3 billion from the private sector to the funding of the project.
Despite the fact that many procedures have been mandated by law, the number of births that have been registered in Nigeria has remained relatively low. According to the ICRC, the project’s goal is to record and validate births and deaths in Nigeria as well as provide authorization and validation of certificates to end users of the platform. These registrations had previously been done manually, which the ICRC noted resulted in low coverage and insufficient data.
Both population and aviation receive their approval.
Additionally, the agency revealed that the establishment of an Aviation Leasing Company (ALC) under the banner of a Public Private Partnership (PPP) was also approved by the federal government. It was stated that the approval was made in an effort to channel funds from the private sector into the development of the nation’s infrastructure in order to stimulate economic expansion. The commission stated that both approvals were granted after the ICRC, the agency established by statute to regulate PPP, issued certificates of compliance with the relevant provisions of the Full Business Case (FBC).
The ICRC has stated that the ALC, which will be implemented by Messrs AJW Consortium as concessionaires, aims to open the door for domestic and international airlines to lease aircraft on a local level. It will help Nigerian airlines deal with less expensive aircraft/engine leasing, lower lease rates, and lower insurance premiums. They believe this will reduce capital flights and the country’s high demand for foreign exchange by making it easier for external owners to conduct business with the country’s local airlines.
Economic growth and leasing capacity will be expanded.
More so, it was revealed that the ALC would make leasing advantages available to African and Nigerian airlines, which will allow those airlines to increase the magnitude of their fleets and reduce the difficulties associated with aircraft leasing as well as elevate insurance premium costs. The regulatory commission stated that it would further offer an alternative to foreign leaseholders and introduce competitiveness, both of which would ease the terms and conditions that are presently available, thus encouraging expansion as well as growth.
Aside from several other benefits, It was stated that the initiative would also create job opportunities for people, which would have a multiplier effect on the economy. In its first year of operation, the ALC will get started by leasing out a total of eight different aircraft. After the seventh year, the portfolio will have grown to include 50 leased aircraft, and by the year 2034, it will have maintained a level of 70 leased aircraft.
At the end of the concession period, the government will own the project.
When the portfolio reaches more than 50 leased aircraft, the ALC will begin purchasing aircraft outright rather than continuing to lease them after about seven years. According to what was said by the commission, the project was approved with the Federal Ministry of Aviation acting as the grantor. At the conclusion of the period of concession of 15 years, the private party will be responsible for the Design, Financing, Construction, Operation, and Transfer of the Project to the government.