The Nigerian Senate President is confident that the amendments made by the Senate to the Public Procurement Act will help to stimulate Nigeria’s domestic economy.
He said it would also go a long way in ensuring that in the process of awarding contracts, funds would be available as quickly as possible and that jobs would be actually completed.
The Senate President made the statement on Wednesday after signing the Senate’s version of the Public Procurement Act (Amendment) Bill, 2016 (SB.232), which would be forwarded to the House of Representatives for Concurrence.
He said: “Many countries have used legislative mechanisms like these that focus inwards to diversify their local economies.
“This amendment helps to position our local producers, manufacturers and service providers to benefit from the government procurement process of ministries, departments and agencies”.
The bill passed its third reading on the floor of the Senate on Thursday, June 16.
In a report presented by Senator Joshua Dariye, the Senate advocates the use of local content in public procurement process as well as a 25 per cent mobilisation fund for contractors, up from the current 15 per cent given to them.
Senator Dariye said that the Bill, when assented to, would amend certain relevant sections of the 2007 Procurement Act to favour local manufacturers and ensure speedy completion of projects.
