FG Reports N1.5trn Savings from Procurement Reforms

The Federal Government has announced that reforms in public procurement have resulted in savings exceeding N1.5 trillion over the past 18 months. Dr. Adebowale Adedokun, Director-General of the Bureau of Public Procurement (BPP), made this disclosure during a three-day workshop in Lagos organized by the Nigeria Deposit Insurance Corporation (NDIC) in collaboration with the BPP.

The savings include N1.1 trillion from January to December 2025 and N383.51 billion from January to July 2026. The reforms focus on tighter price benchmarking, digital compliance, and stricter controls over government contracts, aiming to provide better value for public funds.

Adedokun emphasized the importance of viewing public procurement as a strategic tool for economic development, highlighting its role in delivering infrastructure and essential services. Mr. Thompson Oludare Sunday, Managing Director and CEO of NDIC, reiterated the significance of effective procurement in fulfilling the Corporation's mandate and ensuring prudent utilization of public funds.