The Federal Government has begun to review the existing Public Procurement Act as part of its efforts to instill fiscal discipline.
Already, President Bola Tinubu has nominated Lateef Fagbemi, Minister of Justice and Attorney General of the Federation, to lead the review process in collaboration with a special committee established at Wednesday’s Federal Executive Council meeting.
During the FEC deliberations, President Tinubu requested that all Ministries, Departments, and Agencies (MDAs) evaluate their intended procurements as outlined in the appropriation act.
The instruction is intended to guarantee that any discrepancies between allocated sums and the actual amount required to complete projects are brought to the attention of both the Ministry of Budget and Economic Planning and the Federal Ministry of Finance.
Atiku Bagudu, Minister of Budget and Economic Planning, disclosed the information, saying, “President Bola Tinubu today raised the issue of reconciling the appropriation act, public procurement law, and fiscal responsibility act in order to enhance more fiscal discipline and further demonstrate to Nigerians our commitment to serving them better.
“The FEC has formed a committee chaired by the Attorney General and Minister of Justice to study 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, such that the memo that the cabinet secretariat will provide to the FEC,
“Mr President directed that the report of the public procurement committee be provided to him so that he can take decisions accordingly” .
