President Bola Tinubu is currently presiding over the Federal Executive Council (FEC) meeting in Abuja.
The session, which commenced at midday, is anticipated to address critical issues affecting various sectors of the Nigerian economy.
The majority of cabinet members, including several ministers, were present at the meeting.
Last week’s meeting, presided over by the President, discussed the Procurement Act, Samoa Agreement, separation of universities from the Integrated Personnel and Payroll Information System (IPPIS) platform, the establishment of a University of Technology in Abuja as well as the new Ministry of Livestock Development.
On the procurement act, the council deliberated on the need to align project costs with the budget heads and avoid augmentation after the awards of contracts.
The augmented contracts are those inherited by the Tinubu Administration, with most of them awarded more than 10-15 years ago.
The Council decided that the Attorney-General of the Federation should review the Procurement Act in operation since 2007 to bring it in line with contemporary demands.
Henceforth, ministries were urged to reconcile project costs with budget provisions and, where extra funding is needed, get the clearance of the Minister of Budget and Minister of Finance. The two ministers will now serve as a clearing house for capital projects, requiring extra-budgetary spending.
Be the first to comment