By Njoku Chijioke
The Federal Government has approved revised prior review and monetary thresholds for procurement processes across all arms of government, aiming to promote transparency, accountability, and effective budget implementation.
According to a circular signed by the Secretary to the Government of the Federation, George Akume, the revised thresholds will apply to the executive, legislature, judiciary, and their respective tender boards.
The update is intended to deliver more sustainable and realistic procurement outcomes.
The circular mandates the Bureau of Public Procurement (BPP) to enforce open competitive bidding as the standard procurement method.
The BPP is also tasked with conducting pre- and post-reviews, procurement audits, surveillance, and monitoring to prevent misuse of the process.
It further states that the BPP will apply sanctions in accordance with the Public Procurement Act of 2007 when violations occur.
Audit reports are to be submitted to the National Assembly every six months.
All ministries, parastatals, agencies, and government-owned companies must comply with stipulated procurement processing timelines.
The revised thresholds are part of broader efforts to streamline public procurement, improve the ease of doing business, and ensure better execution of government projects.
