{"id":124032,"date":"2024-07-12T21:59:54","date_gmt":"2024-07-12T20:59:54","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/procurement-act-nefgad-cautions-tinubu-against-opening-door-for-treasury-looters"},"modified":"2024-07-12T23:06:03","modified_gmt":"2024-07-12T22:06:03","slug":"procurement-act-nefgad-cautions-tinubu-against-opening-door-for-treasury-looters","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/policy\/procurement-act-nefgad-cautions-tinubu-against-opening-door-for-treasury-looters","title":{"rendered":"Procurement Act: NEFGAD cautions Tinubu against opening door for treasury looters"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>The Network for the Actualisation of Social Growth and Viable Development (NEFGAD), a public procurement advocacy group, has cautioned President Bola Tinubu regarding his recent directive to amend the Public Procurement Act 2007.<\/p>\n<p>NEFGAD issued this warning in response to the President\u2019s move to amend the Public Procurement Act during last Wednesday\u2019s Federal Executive Council meeting at the Presidential Villa in Abuja.<\/p>\n<p>Tinubu ordered a comprehensive review of the Act to align project costs with budget allocations and prevent cost escalations post-contract award.<\/p>\n<p>In a statement signed by its head of office, Mr Akingunola Omoniyi, and released in Abuja on Friday, NEFGAD urged the President not to heed the counsel of individuals within and outside the government who seek to exploit loopholes for personal gain at the expense of national finances.<\/p>\n<p>\u201cIntelligence at our disposal indicates that the President\u2019s stance was innocently based on advice from individuals intent on wreaking irreparable havoc on the country\u2019s treasury,\u201d Akingunola argued.<\/p>\n<p>According to him, \u201cSections 18(c), (d), and (e) of the Public Procurement Act 2007 provide a structured and transparent framework for analyzing cost implications of proposed public projects, ensuring accountability and fairness in fund allocation.\u201d<\/p>\n<p>\u201cThe Act imposes stringent guidelines on project costing to prevent unwarranted variations, crucial in safeguarding against mismanagement and corruption.<\/p>\n<p>\u201cRemoving these critical provisions would create opportunities for corrupt practices, allowing arbitrary adjustments and excessive cost overruns. This would compromise the integrity of public procurement processes, diverting public funds into private hands through unnecessary and frivolous augmentations.\u201d<\/p>\n<p>He further noted, \u201cDespite regulatory safeguards, certain elements exploit budget categorization under \u2018ongoing projects,\u2019 often interpreted as \u2018untouchable\u2019 or \u2018for personal gain.\u2019 Amending the Procurement Act to accommodate these interests would legalize illegality, opening our national treasury to economic saboteurs and treasury looters.\u201d<\/p>\n<p>NEFGAD attributed gaps between project and budget costs to inflation, monetary policy fluctuations, and fraudulent practices among procurement officials and their accomplices. Addressing these issues, along with enhancing oversight and training, would align budgetary and procurement costs without unnecessary legislative amendments.<\/p>\n<p>\u201cBy combating entrenched corruption, enforcing existing regulations rigorously, strengthening oversight mechanisms, and enhancing training for procurement stakeholders, we can achieve better outcomes without compromising accountability and transparency,\u201d he added.<\/p>\n<p><strong>For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. The Network for the Actualisation of Social Growth and Viable Development (NEFGAD), a public procurement advocacy group, has cautioned President Bola Tinubu regarding his recent directive to amend the Public Procurement Act 2007. NEFGAD issued this warning in response to the President\u2019s move to amend the Public Procurement Act during last Wednesday\u2019s [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":124030,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,14],"tags":[11987,254,14061,945],"class_list":["post-124032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-nefgad","tag-nigeria","tag-procurement-act","tag-tinubu"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Procurement Act: NEFGAD cautions Tinubu against opening door for treasury looters - Nigeria<\/title>\n<meta name=\"description\" content=\"The Network for the Actualisation of Social Growth and Viable Development (NEFGAD), a public procurement advocacy group, ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/policy\/procurement-act-nefgad-cautions-tinubu-against-opening-door-for-treasury-looters\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Procurement Act: NEFGAD cautions Tinubu against opening door for treasury looters\" \/>\n<meta property=\"og:description\" content=\"The Network for the Actualisation of Social Growth and Viable Development (NEFGAD), a public procurement advocacy group, ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/policy\/procurement-act-nefgad-cautions-tinubu-against-opening-door-for-treasury-looters\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-12T20:59:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-12T22:06:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/07\/sm_1720809109.815294.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1728\" \/>\n\t<meta property=\"og:image:height\" content=\"1152\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/procurement-act-nefgad-cautions-tinubu-against-opening-door-for-treasury-looters#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/procurement-act-nefgad-cautions-tinubu-against-opening-door-for-treasury-looters\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Procurement Act: NEFGAD cautions Tinubu against opening door for treasury looters\",\"datePublished\":\"2024-07-12T20:59:54+00:00\",\"dateModified\":\"2024-07-12T22:06:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/procurement-act-nefgad-cautions-tinubu-against-opening-door-for-treasury-looters\"},\"wordCount\":387,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/procurement-act-nefgad-cautions-tinubu-against-opening-door-for-treasury-looters#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/07\/sm_1720809109.815294.jpg\",\"keywords\":[\"NEFGAD\",\"Nigeria\",\"Procurement Act\",\"Tinubu\"],\"articleSection\":[\"all news\",\"Policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/policy\/procurement-act-nefgad-cautions-tinubu-against-opening-door-for-treasury-looters#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/procurement-act-nefgad-cautions-tinubu-against-opening-door-for-treasury-looters\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/procurement-act-nefgad-cautions-tinubu-against-opening-door-for-treasury-looters\",\"name\":\"Procurement Act: NEFGAD cautions Tinubu against opening door for treasury looters - 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