The Minister of Budget and Economic Planning, Atiku Bagudu, and the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, are to from now serve as the clearing house for Nigeria’s capital projects.
This was one of the major decisions taken by the Federal Executive Council at its meeting on Monday in Abuja.
According to information gleaned by The Eagle Online from the highlights of the weekly FEC meeting presided over by President Bola Tinubu, the decision to appoint Edun and Bagudu as the clearing house for capital projects stemmed from a deliberation on the need to align project costs with the budget heads and avoid augmentation after the awards of contracts.
According to the highlights of the meeting, Council was told that the augmented contracts in question were those inherited by the Tinubu Administration, with most of them awarded over 10 years ago.
The Council was said to have decided that the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), should review the Procurement Act in operation since 2007 to bring it in line with contemporary demands.
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Going forward, 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, with the two of them not to serve as a clearing house for capital projects.
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