• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Contractors in CBN, Ministries and MDAs inflated contracts by N26.86 billion – Reports 

Bamidele Samuel Adesoji by Bamidele Samuel Adesoji
September 9, 2019
in Business News, Politics
Banks' stakeholders express 4 main concerns bothering the sector right now, CBN, MARKET UPDATE: CBN’s historic agriculture lending; Is it yielding the desired results? 

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN).

Share on FacebookShare on TwitterShare on Linkedin

The Bureau of Public Procurement (BPP) has disclosed that it saved N26.86 billion for the Federal Government in 2018, through a downward review of inflated contracts by the ministries and agencies of government.

According to the Bureau’s annual report, the total amount saved stemmed from the review of contracts awarded to contractors by various Ministries, Departments and Agencies (MDAs) and the Central Bank of Nigeria before being given a certificate of “No Objection’’ by the bureau. 

The report shows that out of the inflated amount saved, the highest amount of N22.22 billion was recorded from the Ministry of Power, Works and Housing. The money was saved from an initial request of N877.40 billion.

RelatedStories

Bureau of Public Procurement launches e-certification portal for procurement professionals in Nigeria

Bureau of Public Procurement launches e-certification portal for procurement professionals in Nigeria

May 4, 2025
Funso Doherty drags FG, BPP and Hitech to court over alleged illegalities in Lagos-Calabar Coastal Highway contract

Funso Doherty drags FG, BPP and Hitech to court over alleged illegalities in Lagos-Calabar Coastal Highway contract

August 31, 2024

The report reads: “Contracts earlier approved under the Ministry of Petroleum Resources was reduced from N278.91 billion to N278.64 billion, resulting in savings of about N271 million. 

“N1.37 billion was saved on projects from the Ministry of Transportation from an initial request of N76.22 billion and from the Ministry of Water Resources, N521 million was saved out of N13.12 billion. 

“Also, from the Ministry of Finance, N143.72 million was saved from a request of N3.54 billion, while N33.65 million was saved from the Central Bank of Nigeria’s (CBN) initial request of N1.47 billion.” 

It was further disclosed that the sum N494.96 million was saved from various military contracts from an initial request totalling N123.82 billion for the procurement of critical equipment. 

In addition, savings of about N8.04 million was made from various contracts under the supervision of the Ministry of Interior, from an initial request of N9.23 billion.  

Lastly, the procurement bureau also saved N104 million out of an initial request of N936.75 million by Federal Radio Corporation of Nigeria for the procurement of broadcast equipment for 2019 general elections. 

More details: According to the Bureau, the public procurement activities in most MDAs are laced with secrecy and not in line with international best practices. While providing further details, BPP noted that the reported cases being prosecuted in the courts by the EFCC and the ICPC were clear testimony of the breaches in the MDAs.  

“The degree of the reported cases being prosecuted in the courts by the EFCC and the ICPC are clear testimony of the breaches in the MDAs. 

“As observed in most cases, the procurement officers collude with the contractors and service providers to breach certain provisions of the BPP Act for their selfish reasons. 

“These breaches range from faulty bid solicitation process, advance exposure of the bidding criteria to their preferred bidders and overlooking forged procurement statutory documents during the technical and financial bid process. 

“They also give out in-house prices of contracts to their preferred contractors and service providers which serve as an advantageous guide in their financial bidding, among other numerous breaches of the Act. 

“Procurement officers, who are known to be colluding with the bidders to breach the Act, have not been reprimanded enough to deter them from their offences,’’ the Bureau reports. 

Meanwhile, the report showed that no savings were made from contracts under the Federal Capital Territory Administration, Ministry of Environment and the Ministry of Budget and National Planning. 


Follow us for Breaking News and Market Intelligence.
Tags: Bureau of Public ProcurementMinistry of Petroleum ResourcesMinistry of PowerMinistry of Water ResourcesWorks and Housing
Bamidele Samuel Adesoji

Bamidele Samuel Adesoji

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

Related Posts

Bureau of Public Procurement launches e-certification portal for procurement professionals in Nigeria
Sectors

Bureau of Public Procurement launches e-certification portal for procurement professionals in Nigeria

May 4, 2025
Funso Doherty drags FG, BPP and Hitech to court over alleged illegalities in Lagos-Calabar Coastal Highway contract
Real Estate and Construction

Funso Doherty drags FG, BPP and Hitech to court over alleged illegalities in Lagos-Calabar Coastal Highway contract

August 31, 2024
President Bola Tinubu,
Appointments

President Tinubu sacks Mamman Ahmadu, DG of Bureau of Public Procurement 

June 15, 2024
Prepaid meters
Energy

FG to purchase 3.5 million electricity meters in 2024 

June 7, 2024
Adebayo Adelabu
Energy

FG to pay N130 billion as part of N1.3 trillion gas supply debt 

May 17, 2024
Wind and solar plant
Health

Two companies propose to build 30MW wind and solar power plant in Lekki 

March 14, 2024
Next Post
N166 million loans disbursed to SMEs in Ondo, Why Ondo State is raising N50 billion bond 

N50 billion bond meant for road constructions - Ondo Governor

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Trump confirms U.S. strikes on 3 Iranian nuclear sites, declares ‘spectacular military success’
  • Data gaps limiting access to credit in Nigeria—Sofri MD 
  • Nigeria’s first female fighter pilot, Kafayat Sanni wins top honours at Ghana’s military college

Follow us on social media:

Recent News

Trump halts tariff hikes on most trade partners, raises China duties to 125% 

Trump confirms U.S. strikes on 3 Iranian nuclear sites, declares ‘spectacular military success’

June 22, 2025
Data gaps limiting access to credit in Nigeria—Sofri MD 

Data gaps limiting access to credit in Nigeria—Sofri MD 

June 22, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics