The Federal Government has initiated steps to review the existing Public Procurement Act as part of measures to instil discipline in fiscal expenditures.
Already, the President, Bola Tinubu has appointed Minister of Justice and Attorney General of the Federation, Lateef Fagbemi to drive the process of review in combination with a special committee raised at the Federal Executive Council meeting on Wednesday.
While the deliberations at FEC lasted, President Tinubu directed that all Ministries Department and Agencies MDAs should review their intended procurements as provided for in the appropriation act.
The directive is to ensure that where there are gaps between appropriated sums and the actual amount 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.
The Minister of Budget and Economic Planning, Atiku Bagudu who disclosed the information said, “The 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.
“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 department 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 Federal Ministry of Finance, such that the memo that the cabinet secretariat will provide to the FEC, will have clarity of where funding is expected to come from and recommendations, to guide effectively the Federal Executive Council decisions.
“Mr President directed that the report of the public procurement committee be provided to him so that he can take decisions accordingly”.