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HomeTop NewsNigerian cabinet resolves to streamline project costs, review procurement Act

Nigerian cabinet resolves to streamline project costs, review procurement Act

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President Bola Tinubu chaired the weekly Federal Executive Council meeting on Wednesday, where significant decisions were made to enhance fiscal management and strategic governance initiatives.

The council deliberated extensively on aligning project costs with budget allocations to curb unnecessary augmentations post-contract awards.

The outcome of the FEC meeting was posted on the social media platform, X, by presidential spokesman, Bayo Onanuga on Wednesday.

The meeting highlighted inherited contracts dating back over a decade, the council emphasized the need for stringent budgetary adherence across ministries.

In a proactive move, the Attorney-General of the Federation, Lateef Fagbemi was tasked with reviewing the 2007 Procurement Act to modernize it in line with current demands, aiming to bolster transparency and efficiency in government procurement processes.

A notable development was the designation of the Minister of Budget and Minister of Finance as clearing houses for capital projects requiring additional funding beyond budget provisions.

This decision aims to streamline financial approvals and ensure prudent fiscal management.

SAMOA AGREEMENT

The council also addressed misinformation surrounding the EU-ACP agreement, aiming to dispel allegations targeting the Tinubu Administration.

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The Minister of Budget and Economic Planning, Wale Edun clarified that the international agreement contains no provisions related to LGBTQ issues, aligning with Nigerian laws and the Constitution.

The Ministry of Information reported filing a complaint against a Nigerian newspaper for spreading false information, affirming the administration’s commitment to factual representation.

ASUU and IPPIS

Efforts to separate universities from the IPPIS platform were expedited following previous council decisions, reflecting ongoing reforms in the educational sector.

National University of Science and Technology, Abuja

The council ratified the establishment of the National University of Science and Technology in Abuja, envisioned as a leading institution under a Pan-African network dedicated to advancing science and technology education across Africa.

MINISTRY OF LIVESTOCK DEVELOPMENT

In a structural reform, the council approved the separation of the Ministry of Livestock Development from the Ministry of Agriculture and Food Security, aligning with recommendations from the Presidential Livestock Development Committee led by Attahiru Jega.

Contracts Approved

Several contracts were approved during the meeting, including:

  • Facility Maintenance Service by EFCC in favor of Julius Berger
  • Procurement of agricultural machinery under the National Agricultural Mechanisation Programme (NAMP)
  • Engineering audit and pre-field development studies in the oil and gas upstream sector
  • Supply of operational vehicles to the Nigerian Upstream Petroleum Regulatory Commission
  • Procurement of substation connectors for the Transmission Company of Nigeria

These initiatives underscore the government’s commitment to infrastructure development, economic growth, and regulatory efficiency.

The decisions taken at the Federal Executive Council meeting reflect President Tinubu’s administration’s proactive stance on governance, fiscal responsibility, and strategic investment in key sectors of the Nigerian economy.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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