FEC ANNOUNCES PROCUREMENT REFORM AND DEBT REPAYMENT MILESTONE 12-05-25
By Sadiq Aminu The Federal Executive Council, FEC, has approved the introduction of some major decisions to enhance transparency, infrastructure development, and financial discipline in the country.
The Minister of Information and National Orientation, Alhaji Muhammad Idris, during a post-FEC briefing, explained that FEC had directive the Bureau for Public Procurement, BPP, to communicate a newly approved threshold for procurement of goods and services.
He said the adjustment, approved by President Tinubu, was expected to ease the bureaucratic bottlenecks that often require projects to seek Council approval.
“You will agree with me that the threshold has been there for a very long time, and this is also contributing to the number of members that come to the Council for approval”, the Minister stated.
According to him, FEC also emphasised a renewed commitment to public-private partnerships, particularly in the area of infrastructure development, adding that Ministries, Departments, and Agencies, especially the Ministry of Works, have been instructed to intensify collaboration with private sector players.
“There is an increasing need for people in the private sector to participate actively in our economic growth,” the Minister said.
Alhaji Muhammad Idris stressed that Nigeria had successfully repaid the 3.4 billion dollar loan taken from the International Monetary Fund, during the COVID-19 pandemic.
The move, according to him, is a testament to the current administration’s commitment to fiscal responsibility.
“This has gone a long way to show investors about the seriousness and the capacity of government to pay off loan one day”, he remarked.
The Minister further revealed the government’s concern about the rising cases of theft of public infrastructure.
He explained that critical government assets such as bridge components and road metals had reportedly being stolen and sold for recycling.
The Minister warned that the Attorney General of the Federation had been tasked with reviewing existing laws and recommending stricter enforcement measures.