The Infrastructure Concession Regulatory Commission (ICRC) made this known in a statement issued by Manji Yarling, its Acting Head, Media and Publicity, on Friday in Abuja.

It stated that the Public-Private Partnership (PPP) initiative approved by the Federal Executive Council (FEC) on Wednesday would enable the Police to improve revenue and make operations more efficient.

The ICRC, which applauded the initiative, also said that it would ensure transparency and accountability.

It added that the Ministry of Police Affairs had earlier sought and received Full Business Case (FBC) approval from the commission.

It also said that the project was a product of a collaboration between the Ministry of Police Affairs and the Ministry of Finance, Budget and National Planning and organised by ICRC.

According to the statement, the scheme, which will be managed by Parkway Projects Limited, concessionaires of the project, will ensure a significant improvement in the revenue generated by the NPF.

The News Agency of Nigeria (NAN) reports that FEC approved the introduction of the scheme for the NPF to boost its revenue base and check financial leakages.

The scheme will be managed through PPP arrangement and revenue generated will be shared between the Federal Government, the Police and the consultant.

The new system will formalise the existing relationship between the NPF and Banks or Corporations, whereby the Police give them cover or escort.

(NAN)