CurrentReport Blog The Federal Government of Nigeria has embarked on a comprehensive review of the existing Public Procurement Act as part of strategic measures to instill discipline in fiscal expenditures. This initiative underscores the government’s commitment to enhancing transparency and efficiency in public spending.
President Bola Tinubu has appointed the Minister of Justice and Attorney General of the Federation, Lateef Fagbemi, to spearhead the review process. Fagbemi will work alongside a special committee established during the Federal Executive Council (FEC) meeting on Wednesday.
During the FEC deliberations, President Tinubu instructed all Ministries, Departments, and Agencies (MDAs) to reassess their planned procurements as outlined in the appropriation act. This directive aims to identify and address any discrepancies between the allocated funds and the actual amounts required for project execution. Such gaps are to be reported to the Ministry of Budget and Economic Planning and the Federal Ministry of Finance.
Minister of Budget and Economic Planning, Atiku Bagudu, provided further details, stating, “President Bola Tinubu today, in line with the desire to enhance more fiscal discipline and further demonstrate to Nigerians our commitment to serving them better, raised the issue of the reconciliation between the appropriation act, public procurement law, and the fiscal responsibility act.”
Bagudu added, “FEC has set up a committee under the chairmanship of the Attorney General and Minister of Justice to review the Public Procurement Act. After a robust discussion, the President directed that all ministries, departments, and agencies should review their intended procurement as provided for in the appropriation such that where there are gaps between appropriated sums and amounts required to execute the projects, it can be brought to the attention of both the Ministry of Budget and Economic Planning and the Federal Ministry of Finance. This will ensure that the memo the cabinet secretariat provides to the FEC will have clarity on funding sources and recommendations to guide the Federal Executive Council’s decisions effectively.”
Furthermore, President Tinubu emphasized that the public procurement committee’s report should be submitted directly to him for decisive action. This move is anticipated to foster greater fiscal responsibility and ensure that government expenditures are both justified and aligned with Nigeria’s broader economic objectives.
