Public Procurement: Senate harps on transparency, seeks value for money on project execution

The Senate Thursday through its Committee on Public Procurement, harped on the need to make the procurement process in the country more transparent and in strict compliance with laid down procedures.

It posited that public procurement in Nigeria should be a model of transparency and efficiency towards ensuring value for money by making every naira spent , translates into provable projects in the country .

Submissions to these effects , were made by the Chairman of the Committee , Senator Olajide Ipinsagba ( Ondo North ) in his speech at the 2- day retreat organised for members of the committee at Fraser Suites in Abuja by LeadBold Resource Consulting .

According to him,” Public procurement is not merely a technical or administrative activity; it is the mechanism through which government policies are transformed into tangible services, infrastructure, and development outcomes.

“It accounts for a significant proportion of national expenditure and, therefore, demands the highest standards of integrity, efficiency, and accountability”.

He said though in Nigeria, the Public Procurement Act 2007 vis – a – vis , the establishment of the Bureau of Public Procurement (BPP) and the Senate Committee on Public Procurement,
marked a decisive step toward institutionalizing these principles but more still needed to be done in terms of required reforms .

” Public Procurement is not a one-time event; it is a continuous process of evolution, adaptation, and learning.

” The Senate Committee on Public Procurement remains committed to legislative oversight, policy advocacy, and institutional reforms that strengthen integrity and compliance in the procurement system.

“Let us, therefore, reaffirm our collective resolve to make public procurement in Nigeria a model of transparency and efficiency—not only in Africa but across the global stage.

” By aligning our practices with international standards and embracing innovation, we can ensure that every naira spent translates into better schools, safer roads, improved healthcare, and a more prosperous nation in line with Mr. President Bola Tinubu’s renewed hope agenda”, he added .

Earlier in her opening remarks , the Chief Executive Officer and Managing Director of Leadbold Resource Consulting Ltd , Barrister Kelechi Kingsley , said the overarching aim of the Retreat was to enhance the strategic leadership capacity of the Senate Committee on Public Procurement to effectively drive oversight, transparency ,accountability and compliance in Nigeria ‘s public procurement ecosystem.

“The retreat seeks to expose participants to global regulations, international best practices and practical frameworks that will strengthen institutional integrity, ensure value for money in public expenditure and advance national development objectives through sound procurement governance”, she explained .